Official Exchange Rate Falls To N1,534 For The First Time Ever

Naira fell to N1,534 at the official market on Monday, hitting a new record low in the segment.

The naira's closing on the official market is the lowest it has ever been against the dollar.

Nigeria's currency rate continues to decline due to central bank reforms aimed at achieving a free market exchange rate; the intraday high and low also reached N1,550 and N1,000 versus the US dollar.

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At $89 million, the day's forex turnover was the lowest for the month of February.

BDC operators quoted between N1,490 and N1,550 on the black market, where the exchange rate is transacted informally.