Naira reverses losing streak, appreciates to N895.23/$1 at official market

The Nigerian Naira has reversed its two-day losing streak in the New Year by gaining against the dollar for the first time on Thursday, January 4th 2024.

The domestic currency appreciated 13.51% to close at N895.23/$1 at the close of business, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where forex is officially traded has shown.

This represents a gain of N139.89 or a 13.51% increase in the local currency compared to the N1035.12 it closed on the previous day.

The intraday high recorded was N1268/$1, while the intraday low was N701/$1, representing a wide spread of N567/$1.

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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $68.49 million, representing a 20.06% decrease compared to the previous day.

While the naira gained at the official window, it depreciated at the parallel window slumping to N1255/$1 as against the N1230/$1 traded the previous day representing a depreciation of N25 while peer-to-peer traders quoted around N1255.26/$1.

The naira gained N15 against the British pound to close at N1,540/£1 as against the N1,555/£1 it traded on Wednesday.

Again, the Canadian dollar maintained a bit of stability to close at N980/CA$1 as against the N975/CA$1 it closed on yesterday.

The naira also depreciated against the Euro to slump to ₦1,320/€1 as against the previous closing price of ₦1,300/€1 representing a decline of N20.