For the first time in the official market, the Naira has been exchanged at N1,534 to a dollar.


On Monday, February 12th, 2024, the official NAFEM market saw the closing exchange rate between the naira and dollar hit N1,534/$1, marking the weakest performance ever recorded for the naira against the dollar at the end of a market session, according to reports from Nairametrics.

Throughout the day, the intra-day high and low values stood at N1,550 and N1,000 respectively, highlighting Nigeria’s ongoing descent amid central bank reforms aimed at transitioning towards a free market exchange rate. The total forex turnover for the day amounted to $89 million, representing the lowest figure observed thus far in February.

Meanwhile, on the parallel market where trading occurs unofficially, BDC operators offered exchange rates ranging between N1,490 and N1,550.

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