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.
