The Nigerian naira maintained stability at the official exchange window on Wednesday, closing at N1,602/$1, the same rate recorded on Tuesday.
This is the weakest it has been since April 8, when the official rate closed at N1,230.61/$1, suggesting downward pressure ahead of the weekend.
The official exchange rate between the naira and the US dollar on Wednesday, February 28th, 2024, appreciated slightly by 0.4% to N1609.51 per US dollar as against the N1615 to a dollar recorded the previous day, according to data published on the FMDQ where forex is officially sold.
The Naira experienced a notable appreciation against the US dollar on February 26, 2024 as official exchange rate strengthened by 5.22% to N1582.94/$1.
Economist says the current exchange rate is well above fair value
It appears the official exchange rate is now N368 per dollar, at least based on a bank customer’s experience and his bank’s response.
