Ahead of Christmas, naira slumps to N1270/$1

On the last official trading day ahead of the Christmas celebration, the naira again weakened against the dollar on Friday, December 22nd, 2023, falling 2.71% to close at N885.88/$1, data from the Nigerian Autonomous Foreign Exchange Market (NAFEN) where the dollar is traded officially has shown.

Data from the NAFEM, the platform where forex is officially traded, showed the naira’s loss representing a N23.97 depreciation compared to the rate of N861.91 it closed on Thursday, December 21, 2023.

The intraday high recorded was N1248/$1, while the intraday low was N700/$1, representing a wide spread of N548/$1.    

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $92.16 million, representing a 22% decrease compared to the previous day.    

READ ALSO:Naira slumps further against dollar to N861.91/$1 at the official window

Similarly, the naira depreciated at the parallel/black forex market where forex is sold unofficially to N1233/$1, while peer-to-peer traders quoted around N1270/$1. This represents a depreciation of N3 against the previous trading rate of N1230/$1.

The naira however appreciated marginally against the British pound to N1,565/£1 as against the sum of N1,570/£1 recorded on Thursday signifying a gain of N5.

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

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