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

The official market saw the naira exchange at N1,534 to a dollar for the first time. This marks the weakest performance for the naira against the dollar at the close of the market. Throughout the day, the intra-day high and low values stood at N1,550 and N1,000 respectively. The total forex turnover for the day amounted to $89 million, the lowest figure observed thus far in February. On the unofficial parallel market, BDC operators offered exchange rates ranging between N1,490 and N1,550. These numbers reflect Nigeria’s ongoing descent amid central bank reforms aimed at transitioning towards a free market exchange rate.

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