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Naira Watch

Naira weakens slightly at official window, as parallel rate hits N1165/$1



The naira depreciated 0.10% to close at N832.32/$1 at the close of business on Thursday, the last day of November 2023 data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) where forex is officially traded, showed.

This represents a 0.85 kobo loss or a 0.10% decline in the local currency compared to the N831.47 it closed on Wednesday.

However, the Intraday high hits N1,137/$1 while the intraday low was N700.00/$1, representing a wide spread of N437/$1. 

READ ALSO:Naira rebounds slightly, gains N50 to hit N831.47/$1 at official market

Similarly, data obtained from the official NAFEM window indicated that forex turnover at the close of the trading was $115.41 million, representing a 17.76% decrease compared to the previous day. 

Meanwhile, the domestic currency depreciated also at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1165/$1 while peer-to-peer traders were quoted around N1168.55/$1.

The naira also closed flat against the Pound at ₦1,450/£1 same as it traded on Wednesday, however, it slumped marginally against the Euro to close at ₦1,219.301 against the ₦1,192.795/€1 the previous trading rate. The Canadian dollar maintained the N900/CA$1 trading rate.

By Babajide Okeowo

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