The naira, Thursday, November 23, 2023, continued its slump against the dollar at both the official and parallel market windows.
The domestic currency depreciated 12.11% to close at N956.33 to a dollar at the close of business on Thursday, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where forex is officially traded.
This represents an N115.8 loss or a 12.11% decline in the local currency compared to the N840.53 it closed the previous day.
The intraday high recorded was N1136/$1, while the intraday low was N615/$1, representing a wide spread of N521/$1.
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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $105.50 million, representing a 46.77% decrease compared to the previous day.
Similarly, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by almost .90%, quoted at N1160/$1, while peer-to-peer traders quoted around N1148.44/$1.
Meanwhile, the naira appreciated slightly against the British Pound to drop to N1,450/£1 gaining N10 while the Euro also maintained previous rates of N1,177.85/€1. Again, the Canadian dollar maintained a steady exchange rate of N900/ CA$1