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Naira Watch

Naira slumps to N814.60/$1 against the dollar at official market 



The naira slumped against the dollar on Monday, November 27, 2023, to close at N814.60/$1 at the official Nigerian Autonomous Foreign Exchange Market NAFEM window. 

This represents a loss of N19.71 in the local currency compared to the N794.89/$1 it closed on Friday.

The intraday high recorded was N1130/$1, while the intraday low was N701/$1, representing a huge N429/$1 disparity.

READ ALSO:Naira rebounds to 794.89/$1 at official window, N1155/$1 at parallel market

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $100.06 million, representing a 31.97% increase compared to the previous day. 

Similarly, the naira dipped at the parallel forex market where forex is sold unofficially, the exchange rate dipped to N1157$1, almost the same as on Friday last week when it closed at N1155$1, while peer-to-peer traders quoted around N1159.20/$1. 

While the naira slumped against the dollar, it maintained the same rate against the Pound, Euro and the Canadian dollar at ₦1,460/£1, ₦1,177.85/€1 and N900/CA$1 respectively.

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