Naira Continues to Depreciate Against Dollar, Trading at N1,562.66

 

The Nigerian naira has continued to depreciate against the US dollar, recently trading at N1,562.66 at the official Investor and Exporter (I&E) window as of September 23, 2024. This marks a 1.37% decline from the previous rate of N1,541.22. Market turnover also dropped significantly, falling 47% to $100.21 million.

In the parallel market, the naira opened at N1,639.45 and fluctuated throughout the day, closing at N1,638.62. The ongoing depreciation reflects persistent economic challenges, including rising inflation and increased demand for foreign exchange, which have contributed to a year-to-date loss of approximately 76% in the naira's value against the dollar[1][2].