The closing exchange rate between the naira and dollar on the official NAFEM market reached N1,534/$1 on Monday, February 12th, 2024, marking the weakest performance ever recorded for the naira against the dollar at the end of a market, according to Nairametrics. According to the Financial Literacy Website, throughout the day, the intra-day high and low values stood at N1,550 and N1,000 respectively, underscoring Nigeria’s ongoing descent amid central bank reforms aimed at transitioning towards a free market exchange rate. Total forex turnover for the day amounted to $89 million, the lowest figure observed thus far in February. Meanwhile, on the parallel market where trading occurs unofficially, BDC operators offered exchange rates ranging between N1,490 and N1,550 The post Naira exchanges at N1,534 to a dollar for the first time in official market appeared first on Linda Ikeji Blog. Click Here to Visit Orignal Source of Article http://www.lindaikejisblog.com/2024/2/naira-exchanges-at-n1534-to-a-dollar-for-the-first-time-in-official-market.html
Naira exchanges at N1,534 to a dollar for the first time in official market
