The exchange rate between the naira and dollar closed at N1,534/$1 on the official NAFEM market on Monday, February 12th.
This is the weakest ever the naira has fallen against the dollar at closing on the official market.
READ ALSO: Rema’s ‘Calm Down’ Extends Record As The Most Certified African Song In The US
The intra-day high and low also hit N1,550 and N1,000 against the dollar as Nigeria continues to slide on the back of central bank reforms towards a free market exchange rate.
The forex turnover during the day was $89 million, the lowest so far in February. On the parallel market where the exchange rate is trading unofficially, BDC operators quoted between N1,490 to N1,550.