On Wednesday, September 4, 2024, the naira hit its lowest level in six months at the Nigerian Autonomous Foreign Exchange Market (NAFEM), trading at N1,625.88 to the dollar.
This is the weakest exchange rate since March 8, 2024, when it stood at N1,627.4/$1, despite a notable FX turnover of $205.76 million—one of the highest since August 12, 2024, when turnover reached $246.44 million.
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Data from the FMDQ website revealed a 0.89% depreciation from the previous day’s rate of N1,611.34/$1. During the day, the naira fluctuated between a high of N1,640/$1 and a low of N1,400/$1 before stabilizing at N1,625.88.
The $205.76 million turnover represented a slight 1.84% decrease from the previous day’s $209.61 million, the highest since August 12, 2024.
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