The value of Nigeria’s money, called the naira, compared to US dollars went down to N1,656.49 at the official exchange place on Tuesday, September 17, 2024.
This is a 7.12% drop from N1,639.20 on September 13, 2024, even though there was news that prices of things were going up slower, from 33.40% in July to 32.15% in August 2024.
The naira has been changing a lot, staying around the 1,600 mark because it’s been unstable.
But there’s hope that the naira might get stronger if the US lowers its interest rates on September 18, 2024. This could make the dollar weaker.
Important Numbers
End of Day Exchange Rate: On September 17, 2024, the naira closed at N1,656.49, a 7.12% drop from N1,639.20 on September 13, 2024.
Highest and Lowest of the Day: During the trading day, the naira went up to N1,665.00/$1 and down to N1,565.00/$1 before ending at N1,656.49.
Money Traded: On Tuesday, the total money traded was $100.39 million. In August, the total trades were $3.25 billion, which is less than the $4.34 billion in July—a drop of $1.08 billion.
Other Market Rates
In another market where people trade money, rates were between N1,643.86 and N1,639.07, close to the official rates, as the naira tried to find its value against the dollar.
Market Trends
Since mid-July, the naira stayed around the N1,600 range, briefly going up to N1,639.20 by September 13 but then fell to N1,656.49 by September 17.
On Tuesday, the naira moved between N1,665.00 and N1,565.00 before closing above N1,600 again.
This year, the naira has fallen by about 76% because of rising prices and higher demand for the dollar.
Meanwhile, Nigeria’s savings in other countries went up from $36.305 billion on August 30 to $36.730 billion by September 10.
What You Should Know
Prices of things in Nigeria slowed to 32.15% in August 2024, down from 33.40% in July.
The Nigerian National Petroleum Corporation Limited (NNPCL) said that petrol will start being sold in naira by the Dangote Refinery on October 1, 2024.
If the US lowers interest rates as expected on September 18, 2024, the weaker dollar might help the naira get stronger.
What to Expect
- Even though the naira has been changing a lot, people are hopeful as things in the world change.
- With slow rising prices and fewer problems with fuel, the economy might feel better and help the naira get stronger.
- If the US lowers its interest rates on September 18, and the dollar becomes weaker, the naira might recover from its recent drop.
- But smart decisions about the economy will be very important to help the naira get better, especially if the dollar becomes weaker.