In the first week of October 2024, the Naira lost N89.27 against the dollar at the official foreign exchange market.
This occurs as of September 30, 2024, when the Naira’s exchange rate was N1541.94 per dollar, and it concluded the week at N1631.21.
This indicated that the Naira has depreciated against the dollar by a noteworthy N89.27.
In the first week of October 2024, the Naira lost N89.27 against the dollar at the official foreign exchange market.
This occurs as of September 30, 2024, when the Naira’s exchange rate was N1541.94 per dollar, and it concluded the week at N1631.21.
This indicated that the Naira has depreciated against the dollar by a noteworthy N89.27.
Subsequent investigation revealed that the Naira has primarily depreciated over the period under examination, despite mixed sentiments of gains and losses at the official FX market.
In the meantime, the Naira strengthened N30 on the black market, ending the week at N1,670 per dollar, up from N1,700 at the beginning of the month.
According to the newsmen, after the close of business on Friday, the official and black foreign exchange markets had the Naira to Dollar conversion rate at N1631.21 and N1670, respectively.
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