The Nigerian naira has fallen to a new record low, closing at N1,700 per dollar in the parallel market on October 14, 2024, according to data from Bureau de Change (BDC) operators.
This reflects a 0.29% decline from its previous rate of N1,695/$1 recorded on October 11, despite rising crude oil prices, which have surpassed $80 per barrel.
While the currency weakened in the parallel market, it remained relatively stable in the Investors and Exporters (I&E) window, closing at N1,641.27/$1. However, this still represents a 1.14% depreciation from its previous rate of N1,622.57/$1.
The widening gap between the official and parallel market rates continues to reflect the broader economic pressures on Nigeria’s foreign exchange system.
The naira has experienced continuous depreciation throughout 2024, losing over 50% of its value since the beginning of the year. In January, the currency traded at N907.11/$1, but by October, it had surpassed the N1,500/$1 mark.
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The naira hit a record low of N1,616.53/$1 in February before a brief recovery in March brought it back to N1,303/$1.
By early April, the naira had fallen below N1,100/$1, continuing its downward slide. It closed at N1,668.97/$1 by the end of September, and its recent drop into the N1,700 range marks the naira’s weakest level to date.
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