Naira Hits N795/$1, N1135/$1 in Official, Parallel Markets

naira to dollar

On Monday, November 13, 2023, the Nigerian naira experienced a decline against the U.S. dollar in both the official and parallel markets, signaling a reversal from the gains observed during the previous Friday’s closing.

Data from the Nigerian Autonomous Foreign Exchange Market (NAFEM) indicated a 1.92% depreciation, with the day concluding at N795.41 to the U.S. dollar, reflecting a loss of N15.27 or a 1.92% decline compared to the Friday closing rate of N780.14.

Throughout the day’s trading, the naira exhibited an intraday high of N1099.01/$1 and a low of N701.00/$1, indicating a substantial spread of N398/$1.

Official NAFEM data reported a significant increase in forex turnover at the close of trading, reaching $123.25 million, marking a notable 46.69% surge compared to the previous day.

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In the parallel market, the exchange rate depreciated by 0.44%, quoting at N1135/$1, while peer-to-peer traders quoted around N1124.30/$1.

Simultaneously, the British Pound strengthened against the naira, reaching ₦1,400/£1, and the Euro also gained ground at ₦1,133/€1.

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