Naira depreciates to N1, 534/$ at official market

The Nigerian currency, Naira, on Monday, fell to N1,534/$1, a record low at the country’s official foreign exchange (FX) window Nigerian Autonomous Foreign Exchange Market (NAFEM).

The FMDQ Exchange, a platform that oversees FX trading in Nigeria, said It depreciated by 4.38 percent from N1,469.97/$1 recorded on February 9.

Also, at the parallel section of the FX market, the naira depreciated to N1,505/$ — a 0.33 percent decline from N1,500/$ reported on February 7, 2024.

Read Also:Hoodlums attack NAFDAC officials

Currency traders at the street market quoted the buying price of the greenback at N1,450 and the selling price at N1,500.

With the current rate, the value of the naira at the official market again surpassed the parallel market rate by N29.