The exchange rate between the naira and the dollar reached an intra-day high of N1,515 on Monday, according to data from FMDQ, where currencies are traded officially.

The last time the intra-day high surpassed the N1,500 mark was on March 21, 2024, when it closed at N1,598/$1. Since then, it has traded below N1,500.

The intra-day high represents the highest price at which the dollar traded against the naira on the official market during a single day of trading. The exchange rate typically fluctuates throughout the day

At the official NAFEM, the naira closed trading at an exchange rate of N1,478.11/$1, compared to N1,466.31 recorded a day earlier.

Our records indicate that this is the lowest the naira has been against the dollar since March 20, 2024, when it closed at N1,492/$1. At N1,478.11/$1, this represents a day-to-day depreciation of 0.8%.

The exchange rate depreciated by 5.8% for the entire month of April. Year to date, the naira has depreciated by 38.6%.

Meanwhile, as the exchange rate weakened, daily turnover surged to $217.6 million—the highest since May 2, when the market recorded $232.8 million in turnover.

The daily average turnover has been around $157 million in May, significantly lower than the $189 million achieved in the corresponding period in April.