Naira Nosedive: Nigeria Record-Low Currency Rate of N1,534 to the US Dollar!

 The official currency rate drops to a record-low of N1,534 to the US dollar.

On Monday, February 12th, the official Nigerian Autonomous Foreign Exchange Market (NAFEM) ended with the naira and dollar exchange rate at N1,534/$1. As of the official market closure, this is the lowest the Naira has ever dropped versus the US dollar.

The Central Bank of Nigeria's reforms towards a free market exchange rate have caused Nigeria to continue its downward trend, with an intraday high and low of N1,550 and N1000 versus the dollar, respectively.

The day's forex turnover was $89 million, the lowest amount for February thus far.

BDC operators quoted between N1490 and N1550 on the unofficial exchange rate trading parallel market.