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Naira Nosedives To N1,625.88/$1 At NAFEM, Worst In Six Months
By Mario
The naira recorded its worst performance in six months at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, September 4, 2024, where it exchanged for N1,625.88 to the dollar.
This marks the lowest exchange rate since March 8, 2024, when NAFEM recorded a performance of N1,627.4/$1, despite an improved FX turnover of $205.76 million – one of the highest since August 12, 2024, when dollar supply hit $246.44 million.
Data from the FMDQ website on the NAFEM window showed that naira’s depreciation on August 4 represents a 0.89% decline from the previous day’s rate of N1,611.34/$1.
Intra-day activity showed that the naira traded at a high of N1,640/$1 and a low of N1,400/$1, indicating significant volatility in the foreign exchange market before settling on the equilibrium of N1,625.88.
The $205.76 million FX turnover for the day was a marginal drop of 1.84% compared to the previous day’s $209.61 million – the highest since August 12, 2024.
The drop in exchange rates indicates an uncertain trend as the Nigerian government announced a 45% increase in the pump price of petrol on September 3, 2024.
This is believed to spark a high inflation rate which would herald a wave of renewed hardship for the citizens, households and businesses.
Nigeria’s headline inflation rate fell in July for the first time in well over two years – dipping to 33.40% in annual terms from 34.19% recorded in June.
Food inflation rate in July 2024 was 39.53% points higher compared to the 12.55% rate recorded in July 2023
This crash occurred amid a reported hike in petrol prices across the country, which may add to the plights of businesses and ordinary Nigerians, further worsening inflation.
The Nigerian official foreign exchange (FX) market experienced a marked decline in turnover in August, despite the initial Retail Dutch Auction conducted by the Central Bank of Nigeria (CBN).
The troubled naira is a reflection of the drop in the nation’s foreign exchange reserves, which fell to $36.32 billion as of August 29, 2024, marking a decline from the year’s peak of $36.70 billion recorded on July 29, 2024.
The CBN has intensified efforts towards achieving a stable rate of the domestic currency which industry experts believe is not sustainable given the import-dependent nature and the poor productive base of the economy.
Bishop Godwin Elim, the Senior Pastor at Live for Christ, aka Lifting Assembly in Abuja has said God’s Kingdom is the birthright of believers as this is not negotiable.
Naijablitznews reports Bishop Elim made this assertion on Saturday in his sermon drawing vivid examples from bible passages and real life examples.
This is part one of the series to run through the week.
Watch clip below;
The All Progressives Congress, APC has won all 20 Chairmanship and 236 Councillorship seats in the Ogun LG Polls.
Naijablitznews reports that the Ogun State Independent Electoral Commission (OGSIEC) on Sunday, declared all the 20 chairmanship candidates of the All Progressives Congress (APC) winners of Saturday’s local government elections conducted in the state.
The Chairman of the commission, Babatunde Osibodu also declared all 236 APC councillorship candidates as winners of the election while presenting the official results of the polls at the commission’s headquarters at Oke-Ilewo, Abeokuta, the state capital.
Osibodu said the ruling party, APC, emerged victorious across all the 20 local government areas and 236 wards in the state by polling a total of 613,156 votes cast in the exercise which witnessed major political parties like the Accord Party (AP), African Action Congress (AAC), African Democratic Congress (ADC), Action Democratic Party (ADP) and the All Progressives Congress (APC), participating.
Other political parties that participated in the exercise included the Allied Peoples Movement (APM), All Progressives Grand Alliance (APGA), Labour Party (LP), Peoples Democratic Party (PDP), Social Democratic Party (SDP), Young Progressive Party (YPP), Action People’s Party (APP), Action Alliance (AA), Boot Party (BP), People’s Redemption Party (PRP), National Rescue Movement (NRM) and Zenith Labour Party (ZLP).
The Independent National Electoral Commission (INEC) has declared Governor Lucky Aiyedatiwa as the winner of the guber election conducted in Ondo State on Saturday.
Aiyedatiwa, who is the candidate of the All Progressives Congress (APC) in the election.
He polled a total of 366,781 votes to defeat his closest rival in the election, Agboola Ajayi, who is the candidate of the People’s Democratic Party in the election.
The APC cleared all 18 local government areas.
While the PDP polled a total of 117,845 votes, the Labour Party (LP) polled 1,162 votes and the Zenith Labour Party (ZLP) polled 2,692 votes.
Prof Olayemi Akinwunmi announced the result of the Ondo governorship election at the State headquarters of INEC in Akure.
VIDEO: God’s kingdom is your birthright it’s not negotiable -Bishop Elim(Part 1)
BREAKING: APC Picks All 20 Chairmanship, 236 Councillorship Seats In Ogun LG Polls
BREAKING: INEC declares Aiyedatiwa of APC winner of Ondo guber election
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