Naira rebounds from 3-day slump, gains N50 at official market

The Nigerian naira, Wednesday, November 29, 2023, recovered from a three-day consecutive slump to gain N50.41 against the dollar to close at N831.47/$1 at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

The domestic currency appreciated 6.06% to close at N831.47 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.

This represents an N50.41 gain or a 6.06% increase in the local currency compared to the N841.14 it closed on Tuesday.

The intraday high recorded was N1159/$1, while the intraday low was N700/$1, representing a wide spread of N459/$1.

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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $140.35 million, representing an 18.88% growth compared to the previous day.

While the naira gained at the official window, it maintained the same rate at the parallel forex market where forex is sold unofficially, the exchange rate was maintained at N1160/$1, while peer-to-peer traders quoted around N1159.47/$1.

The naira also depreciated against the Pound to close at ₦1,450/£1 from the ₦1,460/£1 it traded at on Tuesday, the naira also slumped against the Euro to close at ₦1,192.795/€1 against the ₦1,177.85/€1 previous trading rate. The Canadian dollar maintained the N900/CA$1 trading rate.