Naira dips slightly against dollar at official, parallel markets

After days of consecutive strengthening of the naira against the dollar, the Nigerian currency recorded a slight dip against the greenback at both the official and parallel markets at the close of trading on Monday, November 6, 2023.

While it opened at about N900/$1 earlier in the day in the parallel market, it slumped to N1020/$1 losing about N120 while peer-to-peer traders quoted around N1063.50/$1.

Meanwhile, at the official window, the naira also depreciated to close at N809.02/$1 representing a 4.06% increase from the N776.14/$1 recorded on Friday 3rd November day.

READ ALSO:Naira rebound sparks panic selling of dollar, BDC operators warn currency speculators

The intraday high recorded was N1100/$1, while the intraday low was N720.50/$1, representing a wide spread of N379.50/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $87.65 million, representing an 11.30% decrease compared to the previous day.

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