See Exchange Rate Tonight As Naira Weakens More Against Dollar

Naira fell against the U.S. dollar at both the official and parallel market on Monday 13th November 2023 marking a reversal from the gain achieved last Friday.  

The domestic currency depreciated 1.92% to close at N795.41to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.

This represents an N15.27 loss or a 1.92% decline in the local currency compared to the N780.14 it closed on Friday.

See Exchange Rate Tonight As Naira Weakens More Against Dollar

The intraday high recorded was N1099.01/$1, while the intraday low was N701.00/$1, representing a wide spread of N398/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $123.25 million, representing a 46.69% increase compared to the previous day.

Similarly, the naira weakened at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.44%, quoted at N1135/$1, while peer-to-peer traders quoted around N1124.30/$1.

The Central Bank of Nigeria (CBN) has been trying to manage the naira’s exchange rate through several measures, however, these measures have not been able to prevent the naira from depreciating against the dollar.

BY IYABO AINA

Publisher Of News Rain Nigeria