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7 Major Times The Dollar Gains Over Naira in 2024
Since the beginning of the year 2024, the dollar has gained over naira at different times. This article records 7 major times the dollar gained over naira in 2024.
Nigeria’s naira on several occasions, has dropped to a record low against the dollar. This increase in exchange rates has caused fluctuations in the prices of goods and services throughout the country’s entire economy. It should not be forgotten that in the wake of 2024, the whole nation was thrown into a state of frenzy at the news of the massive increase in the exchange rate of the dollar to naira. Both small and large enterprises felt the stroke and faced challenges due to higher import costs, potentially hindering economic growth in the country. Since the beginning of 2024, the dollar has gained over naira at different times. This article records 7 major times the dollar gained over naira in 2024.
January 3, 2024
The first time the local currency closed at over N1,000 against the greenback this year was on January 3, 2024, when it fell to N1,035.12/$ at the NAFEM (Nigerian Autonomous Foreign Exchange Market ). In January, the naira lost around 40%. Its official exchange rate has been drifting towards the parallel market level as foreign currency shortages in the West African nation funnel demand to unofficial sources.
January 30, 2024
The Nigerian Naira extended its decline, crossing the N1,000 per dollar mark for the second time in 2024 on the official foreign exchange (FX) market. The naira fell as low as 1,531 to the dollar during trading on the 30th of January., FMDQ data showed, compared with 1,460 naira quoted on the parallel market. The currency later closed at 1,482.57 naira on the official market, according to FMDQ.
February 9, 2024
A major decline of naira to the dollar occurred during this period rising from N905/ US Dollar to about N1411 per US dollar on the 9th of February, 2024.
February 22, 2024
According to the report obtained about the official Naira/Dollar Exchange rates of the Central Bank As of February 22, 2024. The exchange rate or dollar to naira according to the CBN rate, increased to N1605 per US dollar for the buying price and N1607 for the selling price. The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1705 and sell at N1710 on Thursday 22 February 2024, according to sources at Bureau De Change (BDC). individuals who want to engage in Forex to approach their respective banks.
February 27, 2024
The official exchange rate between the naira and dollar fell by 2.04% to N1615.94 per US dollar on Tuesday, February 27th, 2024. This is according to data published on the FMDQ where forex is sold officially.
April 18, 2024
The naira lost 1.38 percent of its value versus the dollar at the official market, falling to N1,169.99 from N1,154.08 on April 18.
April 23, 2024
Nigeria’s official exchange rate fell to a month-to-date low of N1,300/$1 on Tuesday, April 23, 2024, according to data from the FMDQ, where the exchange rate trades officially. This represents a 5.05% depreciation from the N1,234.49/$1 reported on the first day of the week, continuing with the weakness that started.
It is important to know that the exchange rates at black markets for each increase were higher than the rate by which CBN exchanged theirs. However, please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
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