The Nigerian naira hit a record low of N1,534 per US dollar on the official Nigerian Autonomous Foreign Exchange Market on Monday, marking a 3.93% decline from the previous week's close of N1,476.13/$. This represents the weakest official exchange rate since the Central Bank of Nigeria floated the currency in June 2023. Meanwhile, on the parallel market, the naira traded between N1,480 and N1,490 per dollar. Recent changes in the methodology used to calculate the official exchange rate have contributed to the naira's depreciation from over 900/dollar to over 1,400/dollar. Bank dollar sales dropped by 56.58% to $253.77 million on Friday from a peak of $584.53 million earlier in the week. Bureau De Change operators in Abuja quoted buying rates of N1,480-N1,490 per dollar and selling rates of N1,500-N1,503 per dollar, with some operators unable to buy beyond N1,460.