The naira has fallen to its lowest level since May, See the new exchange rate below.
NaijaOnPoint Nigeria reports that the naira weakened further against the US Dollar, falling to N1,500.79/$1 on the official market on June 25, 2024.
This marks the lowest exchange rate since May 16, 2024, when it was recorded at N1,533.99/$1.
According to the FMDQ data for the NAFEM window, the naira’s depreciation on June 25 represents a 0.71% decline from the previous day’s rate of N1,490.2/$1.
This crash occurred amid the claim by the Governor of the Central Bank, Yemi Cardoso, that the country has already experienced the worst of naira volatility regarding foreign exchange.
The naira traded at a high of N1,507/$1 and a low of N1,426/$1, indicating significant volatility in the foreign exchange market. The significant difference between the high and low exchange rates indicates considerable volatility in the foreign exchange market.