Naira Depreciates By ₦72.58 Against Dollar As As FX Turnover Reaches $7.4bn In July

Naira depreciated by  ₦72.58 against the dollar as as FX turnover reached $7.4bn in July.

Glamtush reports that the Naira depreciated by N72.58 against the dollar as Foreign Exchange turnover transactions hit $7.39 billion at the close of the official trading window in July 2024 compared to June.

This online news platform learnt that this is according to the FMDQ financial market report in the period under review.

In Naira terms, the country’s FX turnover stood at N11.48 trillion in July, which is higher than N10.01tn that was traded in the previous month.

In dollar terms, FX market turnover in July recorded a 10.02 percent ($0.67bn) month-on-month increase from $6.72bn in the prior month.

Similarly, the naira depreciated against the dollar, with the spot exchange rate increasing by 4.88 percent to close at an average of 1,560.32 per dollar in July from 1,487.74 per dollar in June.

The implication is that the exchange rate volatility also increased in July as the local currency traded around N1,500.32 – 1,621.12 per dollar compared to N1,473.66 – N1,510.10 per dollar recorded in June 2024.

This comes as the value of the Naira to the dollar appreciated by 62 basis points to N1570.14 per dollar to close last week at the official market.

Meanwhile, the turnover stood at $120.81 million with an intra-day high and low of N1606 per dollar and N1496 per dollar, respectively.

The Central Bank of Nigeria’s Business Expectations Survey report released last week shows Naira depreciation against the dollar in the next three months, but expects appreciation in six months.