Naira Makes Comeback, S Surges To 794.89/$1 At Official Window

The naira staged a comeback to appreciate massively against the dollar on Friday, 24th November 2023, closing at a new high of N794.89/$1 at the official market.

The domestic currency appreciated 20.31% to close at N794.89 to a dollar at the close of business on Friday, data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) window where forex is officially traded, revealed.

This represents an N161.44 gain or a 20.31% increase in the local currency compared to the N956.33 it closed on Thursday.

The intraday high recorded was N1136/$1, while the intraday low was N700.00/$1, representing a wide spread of N436/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $75.82 million, representing a 28.13% decline compared to the previous day.

Similarly, the naira strengthened at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by 0.87%, quoted at N1155/$1, while peer-to-peer traders quoted around N1151.22/$1.