November 9, 2023.Thank you for reading this post, don't forget to subscribe!
Nigerian naira depreciated against the U.S. dollar at both the official and parallel market on Wednesday marking a sharp reversal from the temporary gain achieved last week.
The local currency depreciated 0.55% to close at N874.71 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.
This represents an N4.8 loss or a 0.55% decline in the local currency compared to the N869.91 it closed on Tuesday.
The intraday high recorded was N1097.50/$1, while the intraday low was N745.00/$1, representing a wide spread of N352.50/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $113.52 million, representing a 60.1% increase compared to the previous day.
Similarly, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated, quoted at N1130/$1, while peer-to-peer traders quoted around N1110.10/$1. (www.naija247news.com).