The Nigerian Naira has plummeted to a record low, depreciating by N72.58 against the US dollar in July 2024.
According to the FMDQ financial market report, the average exchange rate stood at 1,560.32 Naira per dollar, a 4.88% increase from the previous month.
The foreign exchange market turnover also surged to $7.39 billion, a 10.02% month-on-month increase.
In Naira terms, the turnover stood at N11.48 trillion, higher than the N10.01 trillion traded in June.
The Naira’s volatility has raised concerns, with the currency trading between N1,500.32 and N1,621.12 per dollar in July.
