Naira continues recovery, strengthens at official window

The Nigerian currency, the naira continued its recovery against the dollar on Tuesday, December 5, 2023, to close at N806.73/$1 at the official Nigerian Autonomous Foreign Exchange Market window where forex is officially traded.

This represents a gain of N31.04 or a 3.85% increase in the local currency compared to the N837.77 it closed on Monday.

The intraday high recorded was N1150/$1, while the intraday low was N757/$1, representing a wide spread of N393/$1.

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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $142.63 million, representing a 92.93% increase compared to the previous day.

However, the naira dropped marginally at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by 0.43%, quoted at N1170/$1, while peer-to-peer traders quoted around N1165.23/$1.

Also, the naira gained marginally against the Pound closing at 1,435/£1 against the 1,460/£1 on Monday.

The Euro also lost about N5 to the naira closing at ₦1,240/€1 against the ₦1,245/€1 on Monday while the Canadian dollar closed flat against the naira at N900/CA$1 same as Monday, December 4, 2023.