Naira Depreciation Against the Dollar
40% Depreciation: The Naira depreciated by 40% against the US Dollar in the first half of 2024, with a significant decline in value
Unstable Forex Market: The Naira’s instability in the foreign exchange market has been attributed to various factors, including the Central Bank of Nigeria’s policies and the country’s economic situation
Fluctuations: The Naira’s value has fluctuated significantly, reaching its highest point of ₦1,665.50 in February 2024 and its lowest point of ₦1,230.61 in April 2024
Worst-Performing Currency: The Naira has been identified as the worst-performing currency in the first half of 2024, according to Bloomberg
Impact of Central Bank Policies: The Central Bank of Nigeria’s policies, including the unification of the FX market and regulations on International Money Transfer Operators, have had a significant impact on the Naira’s value
