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Naira Watch

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



Naira exchanges for N562 per dollar, as CBN moves to stop the slide

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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