Nigerias Naira Loses Value Against Dollar in October Amid FX Crisis

The Nigerian naira depreciated against the US dollar in October 2024 due to persistent foreign exchange market volatility, according to a report by the FMDQ Exchange.

The Nigerian currency, the Naira, has continued its downward trend against the US Dollar, further depleting its value amidst ongoing foreign exchange (FX) volatility, according to a report by the FMDQ Exchange, which oversees the country's autonomous foreign exchange market. The depreciation is the latest in a series of falls that have seen the Naira struggle against major currencies since the FX crisis began. As of October 2024, the naira has depreciated against the dollar, a trend that is expected to persist due to sustained volatility in the forex market. This latest report highlights the ongoing challenges facing Nigeria's economy, which remains vulnerable to fluctuations in global currency markets.