Naira gains marginally at official window  , slumps at black market

The Naira gained marginally against the dollar on Monday, 18th December 2023 at the official market while slumping slightly at the parallel market.

The domestic currency appreciated to close at N888.35 to a dollar at the close of business, data from the Nigerian Autonomous Foreign Exchange Market where the forex is officially traded has shown.

This represents an N1.51 gain or a 0.17% increase in the local currency compared to the N889.86 it closed on Friday.

The intraday high recorded was N1249/$1, while the intraday low was N720/$1, representing a wide spread of N529/$1.

READ ALSO:Naira appreciates to N889.86/$1 at official market

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $137.82 million, representing a 230.82% increase compared to the previous day.

Similarly, the naira slumped at the parallel market where forex is sold unofficially, the exchange rate closed at N1245/$1 as against N1230/$1 it quoted on Friday, while peer-to-peer traders quoted around N1236.32/$1.

The naira also slumped slightly against the British pound to N1,535/£1 against the rate of N1,525/£1 recorded on Friday signifying a loss of N10.

The naira however appreciated marginally against the Euro to close at ₦1,285/€1 against the ₦1,295/€1 on Friday representing a gain of N10 while the naira closed slumped against the Canadian dollar at N975/CA$1 as against N960/CA$1 recorded on Friday.

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