The naira weakened against the U.S.
dollar on October 9, 2024, closing at N1,625.13 in the official Investor and Exporter (I&E) window, as crude oil futures slipped slightly to around $76 per barrel.
This recent movement represents a shift in Nigeria’s foreign exchange dynamics, with the naira declining by 4.06% compared to the previous trading day’s closing rate of N1,561.
Market turnover in the I&E window also dropped significantly, falling by 49% to $170.60 million from the $253.
68 million recorded the day before.
Key Data Points:Closing Exchange Rate: On October 9, 2024, the naira closed at N1,625.
13 per dollar, marking a 4.06% decrease from the previous day’s rate of N1,561.
76.
Market Turnover: The day’s total dollar volume traded in the I&E window fell to $170.
60 million, a considerable drop from $253.68 million on the prior day.
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