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Sunday, July 14, 2024
HomeBusinessNaira Slumps N7.63 to N1520/$ as FX Turnover Jumps

Naira Slumps N7.63 to N1520/$ as FX Turnover Jumps

The naira has experienced the most decline versus the dollar since May 13, 2024.

According to FMDQ statistics, the naira depreciated to N1520.24 against the dollar on Thursday, down from N1512.61.

This reflects a N7.63 depreciation versus the dollar, compared to the N1512.61 traded the day before.

This is despite an increase in FX turnover trades to $173.51 million on Thursday, up from $114.91 million on Wednesday, according to FMDQ data.

They last traded at N1520 per dollar on the official foreign exchange market on May 13, 2024.

Meanwhile, at the parallel foreign exchange market, the naira remained at N1520 per dollar on Thursday, unchanged from Wednesday.

With the development, official and parallel foreign exchange prices were at N1520 per dollar.

Sodiq Soda
Sodiq Soda
I’m Sodiq Oluwadamilare Soda, a Web Developer/Web Design also a Graphic Designer.
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