February 25, 2024
Official Exchange Rate Falls To Record Low N1,534
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Official Exchange Rate Falls To Record Low N1,534

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.

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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.

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