As the holiday season approaches, the Nigerian naira faced another significant dip against the US dollar on Friday, December 22nd, 2023.
The latest data extracted from the Nigerian Autonomous Foreign Exchange Market (NAFEM) painted a worrisome picture, indicating a 2.71% decline, with the naira closing at N885.88/$1.
This dip represents a staggering N23.97 depreciation from the previous day’s closing rate of N861.91, adding to the ongoing struggles of the national currency.
The naira experienced substantial fluctuations throughout the trading day, hitting an intraday high of N1248/$1 and a low of N700/$1, reflecting a significant spread of N548/$1.
Data from the official NAFEM window disclosed that forex turnover stood at $92.16 million by the close of trading, showing a 22% decrease compared to the previous day. This decline in forex turnover adds to concerns about the currency’s stability.
Simultaneously, the unofficial forex market mirrored the challenges faced in the official market. The naira depreciated further in this parallel market, quoted at N1233/$1. Peer-to-peer traders offered rates around N1270/$1, marking a depreciation of N3 from the previous trading rate of N1230/$1.
