Naira hits a new low on the official market at N1,617.96/$1

The naira dropped to a record low against the dollar on the official market during the Investors and Exporters (I&E) window on Monday, closing at N1,617.96/$1 compared to N1,615.81 per dollar on Friday, data published by FMDQ Group shows. At N1620 per dollar, the local currency, however, traded flat on the parallel market on Monday, forex traders said. The naira fell sharply against the dollar on the official market yesterday despite the Central Bank of Nigeria (CBN) announcing last Friday that there was a surge in foreign exchange inflow into the economy in February 2024.