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The Business NG - July 31, 2024

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In this issue

The Nigerian naira plummeted to a four-month low of N1,611 against the US dollar on Monday, July 29, 2024, according to official data from the FMDQ. This marks a 7% depreciation in July, the worst monthly drop since February.

The naira's decline reversed last week's gains, despite the Central Bank of Nigeria's (CBN) efforts to stabilize the exchange rate by selling forex to traders. Market turnover recorded $179.34 million, with total turnover for July reaching $3.7 billion.

Analysts attribute the depreciation to increased demand pressure from importers and autonomous sources, including retail and investor demand. The CBN has attempted to boost liquidity in the FX market by selling $148 million to forex traders, but the naira continues to struggle.

The exchange rate has now depreciated by 77.6% this year, with Nigeria's external reserves remaining around $36.5 billion as of July 26, 2024. The federal government plans to issue $500 million in domestic foreign currency-denominated bonds in the coming weeks.

The Business NG Description:

Publisher: Tuns-Media-&-Comm-Enterprise

Category: Newspaper

Language: English

Frequency: Weekly

The BusinessNG, a leading business news publication across Nigeria and WestAfrica With a strong team of 30 staff members and a weekly print circulation of over 10,000 copies, we are poised for growth and report all political relating to business news at all level