Connect with us

Naira Watch

Naira rebounds, appreciates to N837.77/$1 at the official market



The Nigerian naira, Monday, 4th December 2023, rebounded against the American dollar closing at N837.77/$1 at the official Nigerian Autonomous Foreign Exchange (NAFEX) window.

This represents an N89.42 increase in the local currency compared to the N927.19/$1 it closed on Friday.

The intraday high recorded was N1021/$1, while the intraday low was N701/$1, representing a wide spread of N320/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $73.94 million, representing a 32.87% growth compared to the previous day.

READ ALSO:Naira weakens slightly at official window, as parallel rate hits N1165/$1

However, the naira closed flat at the parallel forex market where forex is sold unofficially, the exchange rate was quoted at N1165/$1 same as what it closed on Friday, while peer-to-peer traders quoted around N1161.55/$1.

This leaves a gap of N332.23 between the official and parallel markets’ exchange rates.

Similarly, the naira gained marginally against the Pound closing at 1,460/£1 against the 1,470/£1 last week.

On the flip side, the Euro gained marginally against the naira to close at ₦1,245/€1 against the ₦1,177.85/€1 last week Friday while the Canadian dollar depreciated against the naira to close at N900/CA$1 against N950/CA$1 last week.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now