Naira maintains gain against dollar at official market  

The Nigerian naira maintained the gain recorded on Monday to further appreciate against the dollar on Tuesday, 19th December 2023, closing at N844.85/$1 at the official Nigeria Autonomous Foreign Exchange Market (NAFEM) window.

This represents an N43.5 gain or a 5.15% increase in the local currency compared to the N888.35 it closed on Monday.

The intraday high recorded was N1189.12/$1, while the intraday low was N720/$1, representing a wide spread of N469.12/$1.

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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $111.76 million, representing an 18.91% decrease compared to the previous day.

However, the naira appreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by N10 to be quoted at N1235/$1, as against the at N1245/$1 quoted the previous day while peer-to-peer traders quoted around N1240.60/$1.

The naira also slumped slightly against the British pound to N1,550/£1 as against the sum of N1,535/£1 recorded on Monday signifying a loss of N15.

The naira however closed flat against the Euro at ₦1,285/€1 same as yesterday while the naira closed flat against the Canadian dollar at N975/CA$1.