BREAKING: Naira Falls Heavily (SEE EXCHANGE RATE)

BREAKING: Naira Falls Heavily (SEE EXCHANGE RATE)

The official Investor and Exporter forex window recorded the naira closing the week at N927.19/$, marking a notable 16.64% decrease from its previous close of N794.89/$ in the week ending November 24, 2023.

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Data sourced from the FMDQ Securities Exchange revealed an uptick in dollar turnover, rising from $75.82 million to $110.14 million during the same period.

On Friday, the naira commenced trading at N815.00/$, reaching a peak of N1160/$ and a trough of N701/$ within the day. Ultimately, it concluded the day’s trading at N927.19/$.

Comparatively, the previous Friday saw the naira attain a high of N1136/$ and a low of N700.00/$. Despite efforts by the Central Bank of Nigeria to address a backlog of foreign exchange forward contracts, the naira’s value has continued to depreciate.

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