The naira has experienced a notable depreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, falling to N1,561.98/$1 on Wednesday, July 10, 2024.
According to data from the FMDQ Securities Exchange, this represents a 2% decline from the N1,532.58/$1 recorded the previous day.
This marks the third consecutive depreciation of the naira, occurring despite stronger external reserves and rising foreign exchange turnover.
The currency’s value has now reached its lowest level since March 18, 2024, when it stood at N1,597.25/$1.
The recent depreciation brings the naira perilously close to the N1,600 mark, occurring less than three weeks after it crossed the N1,500 threshold.
This trend raises concerns about the currency’s stability and the broader economic implications for Nigeria.
