For the first time in the official market, the naira exchanges at N1,534 to a dollar.

 

On Monday, February 12th, 2024, the closing exchange rate between the naira and the dollar on the official NAFEM market hit N1,534/$1, marking the naira's weakest performance against the dollar at the close of a market session, as reported by Nairametrics.

 Throughout the day, the intra-day high and low values were recorded at N1,550 and N1,000 respectively, reflecting Nigeria's ongoing decline amidst central bank reforms aimed at transitioning towards a free market exchange rate. 

The total forex turnover for the day amounted to $89 million, the lowest figure observed in February so far. 

Meanwhile, on the parallel market, where trading occurs unofficially, BDC operators offered exchange rates ranging between N1,490 and N1,550.