Naira Hits Record Low Against Dollar on Official Market

On Monday, February 12th, 2024, the official NAFEM market closed with the naira reaching its weakest performance against the dollar ever recorded, with an exchange rate of N1,534/$1, as reported by Nairametrics.

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

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

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