The money used in Nigeria, called the naira, went down in value compared to the U.S. dollar. It ended the day at N1,660.49 when traded officially by big investors.
This drop happened around the same time as the National Bureau of Statistics shared information. They told us that the price of crude oil went over N1,000 in September 2024.
Even though the naira lost a little value, the amount of money traded that day grew a lot to $330.18 million. The last trading day had only $177.10 million traded.
Important Numbers
Closing Rate: On October 17, 2024, the naira ended the day at N1,660.49 per dollar. This was a small drop from the previous day’s rate of N1,659.69.
Fluctuations During the Day: The naira’s value changed a lot during the trading day. It went as high as N1,670.00 and as low as N1,540.00, finally settling at N1,660.49.
Amount Traded: More people traded money than usual, with the total amount in the investor window reaching $330.18 million. This was much higher than the $177.10 million from the day before. For comparison, in the whole of September, they traded $3.3 billion.
Other Market Rates: In a different, less official market, the naira started at N1,634.56 per dollar. It changed between a high of N1,637.97 and a low of N1,633.59 before ending a little higher at N1,634.27.
Market Changes
The naira has been very unstable throughout 2024. It has lost more than half of its value since the year began.
At the start of the year in January, it was N907.11 per dollar but went over N1,500 by October. In February, it hit a low point of N1,616.53 per dollar.
March gave a short hope when the rate became a little steady at N1,303. But the calm didn’t last long. By mid-April, it went below N1,100 and reached N1,002.
As months went by, the value of the naira fell faster, ending September at N1,668.97. October has been even rougher, with the naira not holding steady.
Things to Know
Data from the National Bureau of Statistics for September showed that the price of petrol, often called PMS, went over N1,000. This was a big increase of 24.08% from August.
On average, gas prices were N1,030.46 in September, which was a big rise of 64.55% compared to N626.21 in 2023 during the same time.
Looking Ahead
- Even though things look tough, experts think there’s a chance the naira could become more stable.
- If the Nigerian government makes helpful policies and global situations like the dollar getting weaker happen, the naira might get some relief.
- As the year ends, whether the naira goes up or down will depend on good changes happening inside Nigeria and in the rest of the world.