The naira reached a new all-time low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market on Monday.

According to FMDQ Exchange, a portal that reports on the country’s official foreign exchange trading, the national currency closed last Friday at N1,476.13/$, a loss of 3.93 per cent, or N58.

The official exchange rate on Monday became the worst since the Central Bank of Nigeria launched the country’s currency in June 2023.

On Monday, however, the naira fluctuated in value between N1,480 and N1,490 on the parallel market.

Since the FMDQ examined the methodology, it appears that the local currency has been trading higher at the parallel market.