Naira Strengthens, Exchanges for 815/$ at Official Market

The naira strengthened to N815/$ at the Nigerian Autonomous Foreign Exchange Market( NAFEM) 24 hours after the exchange rate fell to the lowest level ever when it sold N993.8/$, representing a massive 20.5% depreciation.

Before now, the lowest level was N848/$1 recorded on the 17th of October 2023 which represented a one-day 8.17% depreciation at the time.

However, the market opened at N778 to a dollar, and closed at N815, strengthening by N178 from the previous day’s position.

The currency was little changed at 1,170 a dollar on the street, according to finding from our reporters in Abuja and Lagos.