The Naira has recorded a new low in July, with the Naira closing at N1,562.80 against the dollar on Friday, July 12, 2024.

According to a recent report from the FMDQ, the recorded exchange rate represents a 0.59 per cent depreciation of the Naira from N1,554.65 per dollar as recorded on the NAFEM window on Thursday, July 11, 2024.

The depreciation occurs after a two-day sale of dollars worth $122.67 million to 46 authorized dealers by the Central Bank of Nigeria (CBN).

The local currency traded between a low of N1,496.46/$1 and a high of N1,586/$1 on Friday, inching towards the N1,600 ceiling.

For the first time this week, foreign exchange (FX) turnover experienced a significant decline, dropping by 63.73% on Friday.

At the beginning of the week, FX turnover increased by 14.19% to reach $133.46 million on Monday.

The upward trend continued on Tuesday with a 41.01% rise, bringing the total to $188.19 million. By Wednesday, the turnover saw an additional increase of 25.78%, reaching $236.7 million.

The most substantial increase occurred on Thursday, with FX turnover peaking at $348.82 million, a 47.37% rise.

This peak coincided with the Central Bank's sales of dollars on both Wednesday and Thursday.

Dr. Omolara Duke, the Director of Financial Markets at the Central Bank of Nigeria (CBN), disclosed in a statement that the apex bank sold $67.5 million to 27 authorized dealers while purchasing $2.5 million from one authorized dealer on Wednesday.

EAN/SA

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