Naira drops to N878.57/$1 at official market, hits N330/$1 at black market

The Nigerian naira reversed the gain recorded the previous day against the dollar to slump against the dollar on Tuesday, January 16th, 2024, in both the official and black markets, data from the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window has shown.

The domestic currency closed at N878.57/$1 at the close of business on Tuesday representing a loss of N39.62 in the local currency compared to the N838.95 it closed the previous day.

The intraday high recorded was N1299.50/$1, while the intraday low was N720.50/$1, representing a wide spread of N579/$1.

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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $147.81 million, representing a 460.52% increase compared to the previous day.

Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1330/$1 as against the N1285/$1 it traded the previous day representing loss of N45 while peer-to-peer traders quoted around N1325.64/$1.

The naira depreciated by N40 against the British Pound to close at N1,640/£1 as against the N1,600/£1 it traded the previous day.

Like most of the previous week, the Canadian dollar maintained a bit of stability to close at N980/CA$1, the same as its closing price Friday, last week.

The naira shed N5 against the Euro to depreciate to ₦1,365/€1 as against the previous closing price of ₦1,360/€1 the previous trading day last week.