The Nigerian Naira depreciated by N72.58 against the US dollar in July 2024, with a foreign exchange turnover of $7.39 billion.
This is according to the FMDQ financial market report in the period under review.
This represents a 10.02% increase from the previous month’s turnover of $6.72 billion.
In Naira terms, the FX turnover stood at N11.48 trillion, surpassing the previous month’s total of N10.01 trillion.
The spot exchange rate rose by 4.88% to close at an average of N1,560.32 per dollar, indicating increased exchange rate volatility.
The Naira traded between N1,500.32 and N1,621.12 per dollar in July, compared to N1,473.66 and N1,510.10 per dollar in June.
However, the Naira appreciated by 62 basis points to N1,570.14 per dollar at the official market last week, with a turnover of $120.81 million.
The Central Bank of Nigeria’s Business Expectations Survey predicts further Naira depreciation against the dollar in the next three months, but expects appreciation within six months.
