Official exchange rate closes at N1609.51/$1 against dollar after CBN’s policy rate hike 

The official exchange rate between the naira and the US dollar on Wednesday, February 28th, 2024, appreciated slightly by 0.4% to N1609.51 per US dollar as against the N1615 to a dollar recorded the previous day, according to data published on the FMDQ where forex is officially sold. 

Simultaneously, the dollar also experienced a 1.24% gain at the parallel market.  

Market analysts attribute the movement to potential reactions following a recent media briefing by the CBN Governor, Olayemi Cardoso, regarding the CBN’s efforts aimed at stabilizing the Naira and curbing inflation.