Business

Just in: Naira weakens to N1,210/$1 at parallel market

Published

7 months ago

on

October 23, 2023

By

Olusegun Odunewu

naira depreciated 0.10% to close at N832.32/$1 at the close of business on Thursday, the last day of November 2023 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) where forex is officially traded, showed.

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The exchange rate between the naira and dollar opened the week at N1,200/$1 on P2P platforms on Monday as traders continue to face demand pressures amidst dwindling supply.

According to checks by NationalDailyng.com, quotes opened at about N1,200/$1 however as we approached noon sellers quoted as high as N1,210/$1.

Meanwhile on the black market where the exchange rate is sold unofficially, quotes are going for N1200/$1 for cash trades and N1,250-N1300 for “inflows” aka wired transfers. It is important to add that actual crossed rates might be higher or lower depending on who is buying or selling.

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