On Tuesday, May 14, 2024, the exchange rate between the Naira and the dollar decreased to N1,520.4/$ at the official NAFEM window, a 2.78% drop from the previous day’s close.
This is the lowest official rate in almost 6 weeks and the first time it has closed above N1500/$1 since March 19th, 2024.
The intra-day high also fell to N1,568/$1, indicating an even worse exchange rate at some time during the day.
Also, recall that The Nigerian Exchange (NGX) exhibited a second consecutive day of bearish trends earlier today, with the All-Share Index falling by 0.77%. The index closed at 97,473.98 points, down from the previous day’s 97,708.74 points.
This marks the index’s lowest point since January 22, 2024. The All-Share Index had remained above the 98,000-point mark since February, delivering a 39.84% return by the end of the year’s first quarter.
However, following the announcement of banking recapitalization, banking stocks have led the sell-offs, shedding over 18% this quarter. The rise in interest rates for fixed-income securities has also affected interest in equities.
