The official market witnessed a slight depreciation in the Naira-dollar exchange rate, closing at N1,615.94 to $1, a 0.78% decrease from the previous rate of N1,603.38 to $1.
Following the naira’s devaluation against the dollar, the Central Bank of Nigeria (CBN) adjusted the customs clearance exchange rate at seaports from N1,593.9/$1 to N1,624.7/$1 on March 12, 2024.
The recent dip in the naira-dollar closing rate halted a two-day streak of gains but remained above the N1,600 to $1 threshold since the previous Tuesday.
Data from NAFEM also revealed a substantial surge in forex transactions by 103.59%, amounting to $248.75 million compared to $122.18 million recorded previously.
On Wednesday, the naira experienced varied outcomes against key global currencies within the Investors and Exporters (I&E) window.