• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Breaking News

Official exchange rate depreciates to N1,533.99, worst in May

Sami Tunji by Sami Tunji
May 16, 2024
in Breaking News, Currencies, Markets, Spotlight
Naira, Dollar, FX

Naira and dollar

Share on FacebookShare on TwitterShare on Linkedin

The exchange rate between the naira and dollar in the official NAFEM Window has depreciated to N1,533.99/$1 on Thursday, May 16, 2024. 

This represents a massive 4.89% drop in one day when compared to the N1459.02/$1 recorded a day earlier. 

The exchange rate snapped one week of loss to close stronger on Wednesday. However, it appears that was a blip with the rate falling to the lowest this month. 

RelatedStories

Naira , dollar, exchange rate

Naira set to break below N1,500/$ resistance 

July 5, 2025

IMF commendation sparks strong gains for Naira across parallel, official markets 

July 3, 2025

The trading dynamics on Thursday further underscore the erratic nature of the market. During intra-day trading, the exchange rate peaked at an intra-day high of N1,590/$1, highlighting a temporary surge in dollar sales.

Conversely, the intra-day low dropped to N1,399.20/$1, reflecting periods of heightened buying pressure on the naira. 

The sharp movements within a single trading day suggest heightened uncertainty and instability, making it challenging for businesses and investors to plan their financial activities. 

FX liquidity slows marginally 

This depreciation followed a notable shift in forex turnover. On Wednesday, forex turnover surged by an impressive 124.56% to reach $289.14 million. However, by Thursday, turnover had fallen marginally by 5.63% to $272.86 million. This squeeze in forex liquidity likely contributed to the naira’s sharp decline in value on the official market. 

Reduced availability of foreign exchange can lead to increased pressure on the naira as demand outstrips supply. This scenario often results in higher exchange rates, as was evident on Thursday. 

What You Should Know 

  • The depreciation of the naira has broad implications for the Nigerian economy. Import-dependent sectors may face increased costs, leading to higher prices for goods and services, which could in turn exacerbate inflationary pressures. This situation strains consumers’ purchasing power and poses challenges for businesses planning their financial activities. 
  • In response to the ongoing volatility, the Central Bank of Nigeria (CBN) introduced certain reforms while hunting down speculators. 
  • In February 2024, the National Security Adviser’s Office, led by Nuhu Ribadu, in collaboration with the CBN, initiated a joint effort to combat forex speculation and tackle the issues affecting the country’s economic stability. The collaboration was set to include coordinated actions with leading law enforcement agencies such as the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service (NCS), and the Nigeria Financial Intelligence Unit (NFIU).   
  • Despite the reforms and other efforts to ensure naira stability, the currency has moved from being one of the best performing currencies to one of the worst performing currencies recently. 
  • Achieving a stable and predictable exchange rate environment will likely require comprehensive policy measures addressing underlying economic issues. 

.


Follow us for Breaking News and Market Intelligence.
Tags: Exchange Rate
Sami Tunji

Sami Tunji

Sami Tunji is a writer, financial analyst, researcher, and literary enthusiast. Aside from having expertise in various forms of writing (creative, research, and business writing), he is passionate about socio-economic research, financial literacy, and human development. Currently, he is a financial analyst at Nairametrics and an African Liberty Writing Fellow 2023/2024.

Related Posts

Naira , dollar, exchange rate
Currencies

Naira set to break below N1,500/$ resistance 

July 5, 2025
Currencies

IMF commendation sparks strong gains for Naira across parallel, official markets 

July 3, 2025
Naira , dollar, exchange rate
Currencies

Naira gains big in official market as dollar sinks globally

July 2, 2025
Naira , dollar, exchange rate
Currencies

Exchange rate disparity returns as Naira appreciates to N1,545/$ officially, depreciates to N1,605/$ on parallel market 

June 21, 2025
Naira , dollar, exchange rate
Currencies

Naira holds below N1,600/$ in the holidays

June 10, 2025
Naira, Dollar
Currencies

Naira faces U.S dollar resurgence amid Nigeria’s oil production boost  

May 13, 2025
Next Post
Onga celebrates culture and talent: Sponsors AMVCA cultural day and best lead actress award

Onga celebrates culture and talent: Sponsors AMVCA cultural day and best lead actress award

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • AGF approves prosecution of Andy Uba, Benjamin Etu over alleged N400 million fraud 
  • EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 
  • FIRS begins renegotiation of double taxation treaty with Netherlands amid tax reforms 

Follow us on social media:

Recent News

Federal High Court, REA

AGF approves prosecution of Andy Uba, Benjamin Etu over alleged N400 million fraud 

July 7, 2025
EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 

EFCC arraigns Abel Sokari, Nkiruka Chukwuma and firm over alleged €49 million fraud attempt 

July 7, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics