Naira reverses gain, drops against Dollar at official, parallel markets

Following the massive gain of N234 recorded by the naira against the dollar on Monday, the Nigerian currency, Tuesday, December 12, 2023, slumped marginally against the American greenback.

The Nigerian currency traded at N865.03/$1 at the close of business on Tuesday, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where forex is officially traded, showed.

This represents a 0.74 kobo loss or a 0.09% decline in the local currency compared to the N864.29/$1 it closed on Monday.

The intraday high recorded was N1186/$1, while the intraday low was N720.00/$1, representing a wide spread of N466/$1.

READ ALSO: Naira recovers at official market, exchanges at N864/$1

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $99.09 million, representing a 25.19% decrease compared to the previous day.

Similarly, the naira slumped at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1250/$1 as against N1210/$1 the previous day, while peer-to-peer traders quoted around N1276.10/$1.

The naira rebounded slightly against the British pound to appreciate to N1,520/£1 as against the rate of N1,530/£1 recorded on Monday.

The Euro appreciated against the naira to close at ₦1,270/€1 against the ₦1,250/€1 on Monday while the naira closed flat against the Canadian dollar at 960/CA$1.