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.
Data from FMDQ showed that the Naira dropped to N1,534.39 per US dollar on Monday from N1,469.97 on Friday.
This represents a 4.2 per cent or N64.42 depreciation compared to N1,469.97 recorded at the close of trading on Tuesday
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.
With the development, the Naira is back to the exchange rate it traded on Monday, January 29, when the Central Bank of Nigeria introduced ‘Financial Markets Price Transparency and Market Notice of a Revision to the FMDQ FX Market Rate Pricing Methodology’ and other reforms.
Meanwhile, the Central of Nigeria governor, Olayemi Cardoso, assured exchange rate stability when he spoke at an interface with the Senate Joint Committee on Banking, Insurance and Financial Institutions in Abuja on Friday
