The naira began the week by declining against the U.S. dollar at both the official and parallel markets on Monday 13th November 2023 indicating a reversal from the gain recorded at the close of business last Friday.
The domestic currency depreciated 1.92% to close at N795.41 to the American greenback at the close of business on Monday, data from the Nigerian Autonomous Foreign Exchange Market (“NAFEM”) where forex is officially traded, revealed.
This represents an N15.27 loss or a 1.92% decline in the local currency compared to the N780.14 it closed on Friday.
The intraday high recorded was N1099.01/$1, while the intraday low was N701.00/$1, representing a wide spread of N398/$1.
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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $123.25 million, representing a 46.69% increase compared to the previous day.
The story was not different at the parallel market, the exchange rate depreciated by 0.44%, quoted at N1135/$1, while peer-to-peer traders quoted around N1124.30/$1.
Meanwhile, the British Pound has also appreciated against the naira to ₦1,400/£1 while the Euro also gained against the naira to ₦1,133/€1.