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Naira Watch

Naira rebounds from record low, appreciates to N843.07/$1 at official market



After falling to a record low of N951.22/$1 on Wednesday, December 6, 2023, the naira regained some ground to appreciate massively against the dollar on Thursday, 7th December 2023 at the official market to close at N843.07/$1.

The domestic currency appreciated 12.83% to close at N843.07/$1 at the close of business, data from the official Nigerian Autonomous Foreign Exchange (NAFEX) Market where forex is officially traded, showed.

This represents an N108.15 gain or a 12.83% increase in the local currency compared to the N951.22/$1 it closed on Wednesday.

The intraday high recorded was N1176/$1, while the intraday low was N700/$1, representing a wide spread of N476/$1.

READ ALSO:Naira’s up and down continues, plunges to new low of N951.22/$1 at official market

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $137.35 million, representing a 1.31% increase compared to the previous day.

However, the naira dropped marginally at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.68%, quoted at N1173/$1, while peer-to-peer traders quoted around N1182.48/$1.

Also, the naira lost marginally against the Pound closing at N1,460/£1 against the N1,455/£1 it closed on Wednesday.

The Euro closed flat at ₦1,250/€1 same as Wednesday while the naira also closed flat against the Canadian dollar at N910/CA$1 it did on Wednesday, December 6, 2023.

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