1st Time In Nigeria, Exchange Rate Hits N1,500 To One Dollar At Official Market

The worsening exchange rate in Nigeria got to its peak on Monday with a dollar reaching 1,500 naira before the close of business at the official market.  

The development marked the weakest performance ever recorded for the naira against the dollar at the end of a market.

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

Source: Nairametric