N1,625.88/$1: Naira Weakens Against Dollar, Worst In Six Months

N1,625.88/$1: Naira Weakens Against Dollar, Worst In Six Months

The exchange rate between the naira and the dollar fell to a six-month low of N1,625.88/$1 on the official NAFEM market on Wednesday, August 4, 2024.

This marks the lowest exchange rate since March 8, 2024, when it was recorded at N1627.4/$1.

According to the FMDQ data for the NAFEM window, the naira’s depreciation on August 4 represents a 0.89% decline from the previous day’s rate of N1,611.34/$1.

The naira traded at a high of N1,640/$1 and a low of N1,400/$1, indicating significant volatility in the foreign exchange market.