Naira Struggles In A Difficult Week

Throughout the week, the Naira continued to decline in both markets. By Friday, August 30, 2024, its value had dropped from N1,615 to N1,645 per dollar. In the official market, it traded at N1,598.56 per dollar, down from N1,570.14 the previous week, according to FMDQ data.

The Naira experienced a sharp drop in value, losing N30 in the parallel market and N28.48 in the official market.

Despite a rise in foreign exchange transactions, the currency fell to N1,645 against the dollar amid the Central Bank of Nigeria’s (CBN) efforts to manage it through the Retail Dutch Auction System.

Throughout the week, the Naira continued to decline in both markets. By Friday, August 30, 2024, its value had dropped from N1,615 to N1,645 per dollar. In the official market, it traded at N1,598.56 per dollar, down from N1,570.14 the previous week, according to FMDQ data.

Although there was an increase in foreign exchange transactions, rising to $172.80 million on Friday from $155.52 million the previous day, the Naira kept losing strength against the dollar.

This depreciation comes after the CBN brought back the Retail Dutch Auction System to address the growing demand for dollars. However, with the Naira struggling to stabilize, traders and economists are increasingly worried about the future of Nigeria’s foreign exchange market and its broader economic impact.

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