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

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now