Economy
Naira Loses N89 Against Dollar in Early October
The Nigerian Naira experienced a significant depreciation, losing N89.27 against the U.S. dollar during the first week of October 2024. The official exchange rate for the Naira closed at N1631.21 per dollar, compared to N1541.94 at the end of September 2024.
Despite fluctuating sentiments, the Naira’s overall trend has been one of depreciation in the official market. Analysts indicate that, while there were moments of gains and losses, the currency has predominantly weakened.
In contrast, the black market saw a slight improvement, with the Naira gaining N30 to close the week at N1,670 per dollar, down from N1,700 at the start of the month.
According to reports, as of Friday’s trading, the exchange rates stood at N1631.21 in the official market and N1670 in the black market.
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