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

On February 12th, 2024, the official NAFEM market witnessed the naira closing at its all-time weakest rate of N1,534/$1 against the dollar, as reported by Nairametrics. The intra-day range fluctuated between N1,000 and N1,550, reflecting Nigeria’s continued decline amid central bank reforms targeting a shift towards a free market exchange rate, according to the Financial Literacy Website.

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

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