Naira rises against dollar at official window, trades at N750/$1, $1140/$1 at parallel market

Naira rises against dollar at official window, trades at N750/$1, $1140/$1 at parallel market

The Nigerian naira began the week on Monday, 20th November 2023 on a strong note to close at N750.14/$1 at the official market as against the N791.75 recorded last week’s Friday.

The domestic currency appreciated 5.55% to close at N750.14 to a dollar at the close of business on Monday, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) where forex is officially traded, showed.

This represents a N41.61 gain or a 5.55% increase in the local currency compared to the N791.75 it closed on Friday.

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The intraday high recorded was N1121/$1, while the intraday low was N740.08/$1, representing a wide spread of N380.92/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $176.75 million, representing a 12.02% decline compared to the previous day.

However, the naira neither gained nor lost at the parallel forex market where forex is sold unofficially, the exchange rate remained at N1140/$1 recorded at the close of trading last week, while peer-to-peer traders quoted around N1141.52/$1.

Meanwhile, the naira slumped against the British Pound to hit ₦1,420/£1 while the Euro also appreciated against the naira to ₦1,177.85/€1.

Naira rises against dollar at official window, trades at N750/$1, $1140/$1 at parallel market