Naira Watch

Naira reverses two days of gain against dollar

Published

4 months ago

December 21, 2023

The Nigerian naira reversed two days of gains to depreciate against the dollar on Wednesday, 20th December 2023, closing at N854.61/$1 at the official Nigeria Autonomous Foreign Exchange Market (NAFEM) window.

This is even as Forex turnover declined by 21.45% to $108.30 million from $111.76 million the previous day.

The domestic currency depreciated 1.5% to close at N854.61/$1 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.

This represents an N9.73 gain or a 1.15% increase in the local currency compared to the N844.85 it closed on Tuesday.

The intraday high recorded was N1240/$1, while the intraday low was N700/$1, representing a wide spread of N540/$1.

However, the naira appreciated at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by 0.24%, quoted at N1228/$1, while peer-to-peer traders quoted around N1187.30/$1.    This represents an appreciation of N7 against the previous trading rate of N1235/$1.

The naira also slumped slightly against the British pound to N1,560/£1 as against the sum of N1,550/£1recorded on Tuesday signifying a gain of N10.

For the second day running, the naira closed flat against the Euro at ₦1,285/€1 same as yesterday while the naira also closed flat against the Canadian dollar at N975/CA$1.

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