The Nigerian naira has weakened significantly against the US dollar, hitting a six-month low of N1,625.88 per dollar on the official NAFEM market on Wednesday, August 4, 2024.
This drop marks the lowest exchange rate since March 8, 2024, when the currency was recorded at N1,627.4 per dollar.
Data from the FMDQ indicates that the naira depreciated by 0.89% compared to the previous day’s rate of N1,611.34 per dollar.
The trading session on August 4 showed notable volatility, with the naira reaching a high of N1,640 and a low of N1,400 against the dollar, reflecting ongoing instability in the foreign exchange market.