Naira Strengthens to N1,534.9/$1 on Third Consecutive Day

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yThe exchange rate between the naira and the dollar continued its upward trend for the third consecutive day, closing at N1,534.9/$1 on the official market.

This marks the strongest level the naira has reached in seven days, reflecting signs of stability in the foreign exchange market.

The official NAFEX rate, serving as the benchmark rate used by the CBN, was quoted at N1,567.65 on March 1st, 2024. The intra-day high peaked at N1,600/$1, while the intra-day low was recorded at N1,425/$1.

The official exchange rate has remained below N1,600 since February 28th, indicating a gradual return to stability in the official market.

Source: Nairametrics

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