Forward of Christmas celebration, the naira, for the umpteenth time, weakened towards the greenback on Friday, December twenty second, 2023, falling 2.71% to shut at N885.88/$1, in keeping with knowledge extracted from the Nigerian Autonomous International Trade Market (NAFEN) the place foreign exchange is formally traded formally.
Knowledge from the NAFEM confirmed the naira’s loss representing a N23.97 depreciation in comparison with the speed of N861.91 it closed on Thursday, December 21, 2023.
The intraday excessive recorded was N1248/$1, whereas the intraday low was N700/$1, representing a large unfold of N548/$1.
In keeping with knowledge obtained from the official NAFEM window, foreign exchange turnover on the shut of the buying and selling was $92.16 million, representing a 22% lower in comparison with the day prior to this.
Equally, the naira depreciated on the parallel/black foreign exchange market the place foreign exchange is bought unofficially to N1233/$1, whereas peer-to-peer merchants quoted round N1270/$1. This represents a depreciation of N3 towards the earlier buying and selling fee of N1230/$1.
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