Naira appreciates to N889.86/$1 at official market

The Nigerian naira strengthened against the U.S. dollar at both the official and the parallel market on Friday, December 15, 2023 as Nigerians prepare for the Christmas celebration.

The naira appreciated to N889.86/$1 on Friday at the official Nigeria Autonomous Foreign Exchange Market (NAFEM) window where the forex is traded officially.

This represents an N11.55 gain or a 1.3% increase in the local currency compared to the N901.41 it recorded on Thursday.

The intraday high recorded was N1126.53/$1, while the intraday low was N700.00/$1, representing a wide spread of N426.53/$

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $41.66 million, representing a 71.70% decrease compared to the previous day.

Similarly, the naira gained at the parallel forex market where forex is sold unofficially, the exchange rate closed at N1230/$1 as against N1245/$1 it quoted on Thursday, while peer-to-peer traders quoted around N1236.32/$1.

The naira also appreciated slightly against the British pound to N1,5250/£1 against the rate of N1,530/£1 recorded on Thursday signifying a gain of N5.

The naira however lost marginally against the Euro to close at ₦1,295/€1 against the ₦1,280/€1 on Thursday representing a loss of N15 while the naira closed flat against the Canadian dollar at 960/CA$1.

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