In the first half of 2024, the Naira depreciated by over 40% in the foreign exchange market.
FMDQ data showed that the Naira weakened to ₦1505.30 per dollar on Friday from between ₦896.6 and ₦907.11 it closed on 29th December 2023.
The figure showed that the Naira had continued its instability against other currencies in the last months despite a streak of months of appreciation before depreciation set in mid-April 2024.
The Naira reached its highest peak of ₦1,665.50 in February 2024 and its lowest point in April when it stood at ₦1,140 and ₦1,230.61 at the official and parallel foreign exchange markets, respectively.
This development follows Central Bank of Nigeria policies, including the unification of the FX market, a circular on the operation of International Money Transfer Operators, intervention to Bureau De Change operators, regulation on excess FX to banks, and the recent withdrawal of the Price Verification System Portal for importers.
Despite policy reforms by the apex bank, the Naira has continued to experience fluctuations against the Dollar and other currencies in the foreign exchange market.
In April 2024, the Naira was adjudged as the best-performing currency but slipped to worst-performing in May, according to Bloomberg.
As of Friday, the Naira closed at ₦1505.30 and ₦1515 at the official and parallel foreign exchange markets, respectively.
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