This depreciation occurred even though Nigeria’s external reserves rose to $34.66 billion as of July 4, 2024.
By Johnson Atoukudu
The naira has resumed depreciating against the dollar in the foreign exchange market, despite an increase in Nigeria’s external reserves.
According to FMDQ data, the naira fell to N1523.85 per dollar on Monday from N1509.67 on Friday, marking a loss of N14.18. In the parallel foreign exchange market, the naira also declined to N1530 per dollar on Monday from N1525 on Friday.
This depreciation occurred even though Nigeria’s external reserves rose to $34.66 billion as of July 4, 2024.
Additionally, FMDQ data indicated that foreign exchange transaction turnover increased to $133.46 million on Monday from $116.88 million last Friday.
The ongoing naira crisis in the forex market continues to adversely affect Nigeria’s economy, exacerbated by rising food prices. The country’s food inflation rate was 40.66 percent in May 2024.
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