Naira continues to slump at official, parallel market windows

The naira, Thursday, November 23, 2023, continued its slump against the dollar at both the official and parallel market windows.

The domestic currency depreciated 12.11% to close at N956.33 to a dollar at the close of business on Thursday, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where forex is officially traded.  

This represents an N115.8 loss or a 12.11% decline in the local currency compared to the N840.53 it closed the previous day.

The intraday high recorded was N1136/$1, while the intraday low was N615/$1, representing a wide spread of N521/$1. 

READ ALSO:Naira slumps further to N1,170/$1 at black market as forex turnover hits $198.21m 

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $105.50 million, representing a 46.77% decrease compared to the previous day.

Similarly, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by almost .90%, quoted at N1160/$1, while peer-to-peer traders quoted around N1148.44/$1.   

Meanwhile, the naira appreciated slightly against the British Pound to drop to ₦1,450/£1 gaining N10 while the Euro also maintained previous rates of ₦1,177.85/€1. Again, the Canadian dollar maintained a steady exchange rate of N900/ CA$1

By Babajide Okeowo

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