Naira Hits Milestone Low: Trades at N1,534 to Dollar on Official Market

In a disheartening turn of events, the official exchange rate between the naira and the dollar on the NAFEM market plummeted to N1,534 per dollar on Monday, February 12th, 2024, marking a historic low for the Nigerian currency against the dollar at market close, as reported by Nairametrics.

Throughout the trading day, the fluctuation in values remained stark, with the intra-day high hitting N1,550 and the low dwindling down to N1,000, underscoring Nigeria's ongoing struggle amidst central bank reforms aimed at transitioning towards a free market exchange rate, as highlighted by the Financial Literacy Website.

The total forex turnover for the day painted a grim picture, standing at a mere $89 million, marking the lowest figure observed in February thus far.

Meanwhile, in the unofficial parallel market, BDC operators were seen offering exchange rates fluctuating between N1,490 and N1,550, further reflecting the economic challenges faced by Nigeria amidst the currency's dwindling strength against the dollar.