Despite Central Bank efforts, Nigerian naira hits July low at N1,563.80/$1 amid declining FX turnover. Recent CBN sales of $122.67 million failed to stabilize rates, highlighting ongoing economic challenges.
In a concerning development, the Nigerian naira experienced a significant depreciation, closing at N1,563.80 against the US dollar on Friday, July 12, 2024, marking a new low for July despite recent efforts by the Central Bank of Nigeria (CBN).
This depreciation follows a slight appreciation the previous day and comes despite the CBN's sale of $122.67 million to authorized dealers over two days. Throughout the week, FX turnover fluctuated, peaking at $348.82 million on Thursday but sharply declining by 63.73% on Friday. The market saw a range of N1,496.46 to N1,586 per dollar, edging closer to the N1,600 mark.
These developments underscore ongoing challenges in stabilizing the naira amidst economic uncertainties and fluctuating market conditions.
