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HomeBusiness & Money TipsNaira slumps again

Naira slumps again

Ahead of Christmas celebration, the naira, for the umpteenth time, weakened against the dollar on Friday, December 22nd, 2023, falling 2.71% to close at N885.88/$1, according to data extracted from the Nigerian Autonomous Foreign Exchange Market (NAFEN) where forex is officially traded officially.

Data from the NAFEM showed the naira’s loss representing a N23.97 depreciation compared to the rate of N861.91 it closed on Thursday, December 21, 2023.

The Intraday high recorded was N1248/$1, while the intraday low was N700/$1, representing a wide spread of N548/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $92.16 million, representing a 22% decrease compared to the previous day.

Similarly, the naira depreciated at the parallel/black forex market where forex is sold unofficially to N1233/$1, while peer-to-peer traders quoted around N1270/$1. This represents a depreciation of N3 against the previous trading rate of N1230/$1.

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