Official exchange rate closes week at N1,537.96/$1 amidst surging inflation and forex decline 

The Naira experienced a decline against the US Dollar in the official market, closing the week at N1,537.96/$1, amidst persistent demand pressures that continued to undermine the currency’s value.  

This decrease coincided with a significant downturn in forex turnover, which plummeted by 56.58% to $117.87 million. 

Both official and black-market exchange rates witnessed a devaluation of the Nigerian Naira against the dollar, further compounded by a substantial surge in inflation as reported by the National Bureau of Statistics (NBS) for January 2024.