Forex Turnover Records $56.60 Million As Naira Falls To N882.24/$1 Official Market  

On Wednesday, January 24, 2024, the Nigerian naira slightly declined versus the US dollar in both the official and illegal markets, resulting in a 3.18% decrease in forex turnover to $56.60.

The official forex market, NAFEM, reports that after the conclusion of business, the value of the native currency decreased by 0.41% to settle at N882.24 to the US dollar.

Comparing this to the N882.24 it ended at the previous day, the local currency has decreased by 0.41%, or N3.63.

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The intraday high recorded was N1313/$1, while the intraday low was N700/$1, representing a wide spread of N613/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $56.60 million, representing a 3.18% decrease compared to the previous day.

Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1365/$1, representing a 0.37% decrease over what it closed the previous day, while peer-to-peer traders quoted around N1399.12/$1.