Naira exchanges at N1,534 to a dollar for the first time in official market

The closing exchange rate between the naira and dollar on the official NAFEM market reached N1,534/$1 on Monday, February 12th, 2024, marking the weakest performance ever recorded for the naira against the dollar at the end of a market. 

Throughout the day, the intra-day high and low values stood at N1,550 and N1,000 respectively, underscoring Nigeria’s ongoing descent amid central bank reforms aimed at transitioning towards a free market exchange rate. 

Total forex turnover for the day amounted to $89 million, 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