Naira slumps further to N1,170/$1 at black market as forex turnover hits $198.21m

The Naira further slumped against the dollar at both the official market and the parallel market on Wednesday 22nd of November 2023 to close at N840.53/$1.

The domestic currency depreciated 1.14% to close at N840.53 to a dollar at the close of business on Wednesday, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) where forex is officially traded, showed.

This represents an N9.56 loss or a 1.14% decline in the local currency compared to the N830.97 it closed on Tuesday.

The intraday high recorded was N1135/$1, while the intraday low was N743.43/$1, representing a wide spread of N391.57/$1.

READ ALSO:Naira slumps at official market, closes at N830/$1

The story was not different at the parallel market where the currency is traded unofficially as the Nigerian currency crashed against the American greenback to N1165/$1, while peer-to-peer traders quoted around N1170.50/$1.

Meanwhile, the naira also slumped against the British Pound to hit ₦1,460/£1 while the Euro also appreciated against the naira to ₦1,177.85/€1. Surprisingly, the Canadian dollar has maintained a steady exchange rate of N900/ CA$1

In a related development, forex turnover hit $198.21 million representing a 61.86% increase compared to the previous day, data from NAFEM showed.

By Babajide Okeowo

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