The Naira’s value plummeted by N89.27 against the dollar in the first week of October 2024, ending the week at N1631.21 per dollar.
This significant decline is a stark contrast to its value of N1541.94 on September 30, 2024. Despite experiencing mixed sentiments of gains and losses, the Naira has predominantly depreciated in the official foreign exchange market.
However, in the black market, the Naira showed resilience, gaining N30 to close the week at N1,670 per dollar. This upward trend is a welcome change from its starting value of N1,700 earlier in the month. As of Friday’s close of trading, the Naira to Dollar exchange rate stood at N1631.21 and N1670 in the official and black FX markets, respectively.
The Naira’s performance has been a subject of concern, with its value fluctuating constantly. The current exchange rate is a far cry from its historical value of 90 kobo to $1 in the 1970s. Over the years, various economic policies have attempted to stabilize the Naira, but its value continues to be unpredictable.
The Naira’s struggles began in the 1990s, with the introduction of the Second-Tier Foreign Exchange Market (SFEM) by the IMF. The Autonomous Foreign Exchange Market (AFEM) was later introduced, but it led to the emergence of a thriving black market.
As of today, the dollar is being traded at ₦1,668 in the black market, with a -16.99% decline for the United States Dollar against Naira this week. The Naira’s performance is closely tied to Nigeria’s economy, which relies heavily on foreign goods and services.
Here are the current exchange rates:
– _Dollar to Naira_: ₦1,668 (buy) and ₦1,655 (sell)
– _Pounds to Naira_: ₦2,238 (buy) and ₦2,200 (sell)
– _Euro to Naira_: ₦1,837 (buy) and ₦1,805 (sell)
