The exchange rate between the naira and the dollar strengthened 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 7 days.
The official NAFEX rate, which serves as the average rate and benchmark rate used by the CBN, was quoted at N1,567.65 on March 1st, 2024.
The intra-day high reached N1,600/$1, while the intra-day low was 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.
Why the Naira is gaining
Checks from Nairametrics reveal that the exchange rate last traded above N1,600/$1 on February 28th, when it sold for N1,609.51/$1
