This marks the official exchange rate entering Christmas at its lowest historical level, surpassing the previous record of N885.88/$1 noted on December 22, 2023.
Over the past year, the naira has depreciated significantly, losing approximately 42% of its value due to various macroeconomic challenges faced throughout the year.
According to data from the central bank's exchange rate portal, the naira closed at N1,537/$1 on Tuesday, as businesses wrapped up operations early in anticipation of the Christmas festivities.
During the day, the intra-day high and low for the naira were recorded at N1,545 and N1,533 to the dollar, respectively, compared to N1,545 and N1,532 from the previous day.
Additionally, the NFEM rate for the day was N1,538.57/$1, an increase from N1,535/$1 the day before, while the simple average rate rose to N1,539/$1 from N1,537/$1. The central bank has not yet begun to disclose the volumes of foreign exchange traded daily.
Since the introduction of the new foreign exchange trading mechanism, EFEMS, the exchange rate has appreciated by 8% month-to-date.
In the parallel market, where currency is traded unofficially, the exchange rate has stabilized, averaging between N1,650 and N1,655 to the dollar, following earlier volatility that saw rates exceed N1,700.