Naira’s Official Exchange Rate Falls by 4.26%

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The official exchange rate of the naira against the dollar concluded its three-day winning streak, experiencing a significant decline of 4.26% to N1602.43 per US dollar on Tuesday, March 5, 2024.

This downturn, reported by FMDQ, contrasts with the previous rate of N1534.19/$1.The drop coincides with the announcement from Binance, a cryptocurrency trading platform, declaring the cessation of trading activities involving the Nigerian currency.

Data from the Nigeria Autonomous Foreign Exchange Market (NAFEM), where forex is officially traded, reflects the naira’s depreciation by 4.26% at the close of trading. The domestic currency closed at N1,602.43 to a dollar, marking a loss of N68.24 compared to the previous day’s closing rate of N1,534.19.

Source: Nairametrics

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