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BREAKING: Official exchange rate falls to record low N1,534

BREAKING: Official exchange rate falls to record low N1,534 %Post Title

The exchange rate between the naira and dollar closed at N1,534/$1 on the official NAFEM market on Monday, February 12th, 2024.

This is the weakest ever the naira has fallen against the dollar at closing on the official market.

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.

On cryptocurrency P2P exchanges the naira also crossed the N1,500 mark trading at about N1,508/$1 even stronger than the official rates.(Nairametrics)

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