Naira stages comeback, rises to N791/$1 at official window, declines slightly at black market

The Nigerian naira appreciated massively against the US dollar on Friday, 17th November 2023, closing at N791.75/$1 at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window.

The domestic currency appreciated 6.24% to close at N791.75 to a dollar at the close of business on Friday, data from the NAFEM where forex is officially traded, showed.

This represents an N49.39 gain or a 5.24% increase in the local currency compared to the N841.14 it closed on Thursday.

The intraday high recorded was N1120/$1, while the intraday low was N701/$1, representing a wide spread of N419/$1.

READ ALSO:Naira slumps against dollar to N841.14/$1 at official market

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $157.78 million, representing a 23.60% decline compared to the previous day.

However, the naira weakened marginally at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.26%, quoted at N1140/$1, while peer-to-peer traders quoted around N1130.60/$1.

Meanwhile, the British Pound recorded a slight appreciation against the naira to hit ₦1,390/£1 while the Euro dipped slightly to ₦1,158/€1.

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