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Naira Watch

Naira gains N234 to close N864.29/$1 at official market 



The naira, Monday, December 11, 2023, rebounded from the record low of N1,099.05/$1 recorded on Friday, December 8, 2023, at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

The domestic currency appreciated by 27.16% to close at N864.29/$1 at the close of business, data from the NAFEM where forex is officially traded, showed.

This represents an N234.76 gain or a 27.16% increase in the local currency compared to the N1,099.05 it closed on Friday.

The intraday high recorded was N1185.10/$1, while the intraday low was N720/$1, representing a wide spread of N465.10/$1.

READ ALSO:Naira devaluation, subsidy removal excite Moody’s, upgrades Nigeria’s credit outlook to positive

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $132.46 million, representing a 86.83% increase compared to the previous day.

It was a different case at the parallel window as the exchange rate depreciated by 1.68% to N1,210/$1 while peer-to-peer traders quoted around N1214.32/$1.

The story is not different for the British pound as the naira lost some ground to the Pound to crash to N1,530/£1 as against the rate of N1,480/£1 recorded on Friday.

The Euro closed flat at ₦1,250/€1 same as Friday while the naira also crashed against the Canadian dollar to close at N960/CA$1 as against N910/CA$1 on Friday, December 8, 2023.

By Babajide Okeowo

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