On October 9, 2024, Nigeria’s money called the naira lost some value when compared to the U.S. dollar. It ended the day at N1,625.13. This happened because oil prices, which many countries depend on, went down a bit to around $76 for each barrel.
This change shows that Nigeria’s money story is changing. The naira is worth 4.06% less than the day before when it was N1,561 for one dollar.
People were also buying and selling less in the official market. Trade went down a lot by 49%, from $253.68 million to $170.60 million.
Important Numbers:
Exchange Rate: On this day, October 9, 2024, the naira was N1,625.13 against one dollar. This was 4.06% less than N1,561.76 from the day before.
Highs and Lows of the Day: While people were trading, the value of the naira went up to as much as N1,652.00 and down to N1,560.00. It finally settled at N1,625.13.
How Much was Traded: In the official market, $170.60 million were traded, which is a big drop from the $253.68 million the day before. In September, people traded a total of $3.3 billion.
Other Market Rates: In a different market, the naira started at N1,619.22 for one dollar and changed a little during the day. It reached N1,621.35 at its highest and N1,618.41 at its lowest. It ended that day at N1,618.85.
Trends in Trading:
In 2024, Nigeria’s naira had a rough time and lost value several times. At the start of 2024, one dollar was N907.11, but it went past N1,500 by October.
In February 2024, the naira was very weak at N1,616.53 per dollar, which was a record low.
Things got a little better in March, and the naira became a bit stronger, around N1,303 for a dollar.
But that good time didn’t last long. In early April, the naira dropped below N1,100 and closed the second week of April at N1,002. This didn’t last, and by the end of September, it was N1,668.97.
Things You Should Know:
The price of oil called Brent crude went down to $76 a barrel in world markets.
At petrol stations, the price of petrol went up to N1,030 per liter because they adjusted prices based on the new oil cost.
Looking Ahead:
- The higher petrol prices might cause more expensive goods. That’s because making products and moving them needs energy, and this energy costs more now.
- Important people in the market make choices based on how well the economy is doing, and they might need better news to trust the market again.
- More good news is needed to keep people interested in investing in Nigeria’s money market.