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.

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