In the first week of October 2024, the Naira depreciated by N89.27 against the dollar in the official foreign exchange market.
This was due to the Naira closing the week at N1631.21 per dollar, compared to the exchange rate of N1541.94 on September 30, 2024.
This indicated that the Naira had depreciated significantly to N89.27 against the dollar.
Further analysis showed that despite the mixed sentiments regarding gains and losses in the official foreign exchange market, the value of the Naira mostly depreciated during the period under review.
Meanwhile, the Naira gained N30 in the black market, closing the week at N1,670 per dollar, compared to N1,700 at the beginning of the month. NEWSPAPER PLEDGE reports that the Naira to dollar exchange rate on Friday stood at N1,631.21 and N1,670 at the close of trading in the official forex market and black market respectively.