Naira slumps further against dollar to N861.91/$1 at the official window

The Nigerian naira slumped further to depreciate against the dollar on Thursday, 21st December 2023, closing at N861.91/$1 at the official Nigeria Autonomous Foreign Exchange Market (NAFEM) window.   

The domestic currency depreciated to N861.91/$1 against the N854.61/$1 at the close of business on Wednesday, data from the NAFEM window where forex is officially traded, showed.   

This represents a depreciation of N7.30k in the local currency.   

The intraday high recorded was N1241/$1, while the intraday low was N744/$1, representing a wide spread of N497/$1.  

READ ALSO:Naira reverses two days of gain against dollar

Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially to N1230/$1, while peer-to-peer traders quoted around N1287.30/$1. This represents an depreciation of N2 against the previous trading rate of N1228/$1.

The naira also slumped slightly against the British pound to N1,570/£1 as against the sum of N1,560/£1 recorded on Wednesday signifying a loss of N10.

For the third 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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