Naira closes 2023 at N907.11/$1, sheds N435 since floating

The naira recovered from the N1,043.09/$1 recorded on Thursday, December 28, 2023 to close the year at N907.11/$1 on Friday December 29, 2023 the last official trading day at the Nigeria Autonomous Foreign Exchange Market (NAFEM) window.

This represents an appreciation of N135.98 naira.

The intraday high exchange rate closed a N1,224/$ while the intraday low was N700/$1 indicating a wide spread of N524. A total turnover of $89.3 trillion was also recorded.

While the naira closed against the dollar at N907.11/$1, this indicates that the exchange rate has now recorded a depreciation of N435.44 since June 14th, when the exchange rate market was unified by the Central Bank Of Nigeria on the order of the President Bola Tinubu.

The naira was N477.67/$1 before the announcement of the floating of the naira on June 14, 2023 but it jumped to N664.04 upon the announcement and has maintained a yoyo movement since then, peaking at over N1000 on two different occasions.

READ ALSO:Naira falls to record low at official market, slumps to N1,043.09/$1

On a year-to-date basis, the exchange rate has depreciated by almost 50% after opening the year at N461.5/$1.

Meanwhile, the naira closed flat at the parallel forex market where forex is sold unofficially, the exchange rate was quoted at N1215/$1 same as the previous trading day on Thursday, December 28, 2023, this represents a depreciation of N471 since the bginning of the year when the dollar was quoted a N744/$1.

The naira slumped slightly against the British pound to N1,545/£1 as against the N1,540/£1 the previous day. On the year-to-date basis, the naira depreciated by N705 compared to the N840/£1 at the beginning of the year.

The naira also closed flat against the Euro at ₦1,270/€1 same as the Canadian dollar at N975/CA$1.

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