Demand pressures: Official exchange rate settles at N1571.31/$1 as intra-day hits N1851/$1  

The official exchange rate experienced a notable decline of 2.97%, settling at N1571.31 per US dollar, while intraday trading reached a peak of N1851 against the dollar on Thursday, February 22nd, 2024.  

This surge coincided with increased demand pressure, further exacerbating the depreciation trend of Nigeria’s currency, evident in the negative trajectory observed in the activities of the black market. 

Despite the Central Bank of Nigeria (CBN) implementing various policies aimed at bolstering the supply of foreign exchange, challenges persist in this regard.