On Friday, December 22nd, 2023, the Nigerian naira experienced yet another decline against the US dollar ahead of the Christmas celebration. According to data extracted from the Nigerian Autonomous Foreign Exchange Market (NAFEN), the naira weakened by 2.71% to close at N885.88/$1. This represents a depreciation of N23.97 compared to the previous day’s rate of N861.91.
Throughout the trading day, the naira reached an intraday high of N1248/$1 and an intraday low of N700/$1, indicating a significant spread of N548/$1. The forex turnover at the close of trading was $92.16 million, which is a 22% decrease compared to the previous day.
In the parallel/black forex market, where forex is sold unofficially, the naira depreciated to N1233/$1, while peer-to-peer traders quoted around N1270/$1. This signifies a depreciation of N3 against the previous trading rate of N1230/$1.
