BREAKING: Naira Appreciates Massively Against Dollar (SEE LATEST EXCHANGE RATES)

BREAKING: Naira Appreciates Massively Against Dollar (SEE LATEST EXCHANGE RATES)

On Friday, November 17, 2023, the Nigerian naira experienced a substantial appreciation against the US dollar, closing at N791.75/$1 in the official market.

This surge in the naira’s value has brought relief to experts who anticipated a positive impact from the Central Bank of Nigeria’s recent efforts to clear some of its foreign exchange (FX) backlog, instilling confidence in the currency.

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At the close of business on Friday, data from the official NAFEM forex market indicated a notable 6.24% appreciation, with the naira closing at N791.75 to a dollar.

This reflects a significant gain of N49.39 or a 5.24% increase compared to the previous day’s closing rate of N841.14.

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Throughout the trading day, the naira reached an intraday high of N1120/$1 and a low of N701/$1, indicating a substantial spread of N419/$1. The forex turnover at the close of trading stood at $157.78 million, showing a 23.60% decline compared to the previous day.

In contrast, the naira experienced a slight weakening at the parallel forex market, where unofficial trading occurs. The exchange rate depreciated by 0.26%, quoted at N1140/$1, while peer-to-peer traders quoted around N1130.60/$1.

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