Business

Naira drops at official window, as parallel rate hits N1165/$1

Published

3 years ago

December 1, 2023

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.

The 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.

This represents a 0.85 kobo loss or a 0.10% decline in the local currency compared to the N831.47 it closed on Wednesday.

However, the Intraday high hits N1,137/$1 while the intraday low was N700.00/$1, representing a wide spread of N437/$1.

Similarly, data obtained from the official NAFEM window indicated that forex turnover at the close of the trading was $115.41 million, representing a 17.76% decrease compared to the previous day.

Meanwhile, the domestic currency depreciated also at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1165/$1 while peer-to-peer traders were quoted around N1168.55/$1.

The naira also closed flat against the Pound at ₦1,450/£1 same as it traded on Wednesday, however, it slumped marginally against the Euro to close at ₦1,219.301 against the ₦1,192.795/€1 the previous trading rate. The Canadian dollar maintained the N900/CA$1 trading rate.