See Exchange Rate Tonight As Naira Continues To Strengthen Against Dollar

Naira further appreciated against the dollar on Tuesday, 19th December 2023, closing at N844.85/$1 at the official market.   

The domestic currency appreciated 5.15% to close at N888.35/$1 to a dollar at the close of business on Tuesday, data from the NAFEM where forex is officially traded, showed.

This represents an N43.5 gain or a 5.15% increase in the local currency compared to the N888.35 it closed on Monday.

The intraday high recorded was N1189.12/$1, while the intraday low was N720/$1, representing a wide spread of N469.12/$1.

See Exchange Rate Tonight As Naira Continues To Strengthen Against Dollar

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $111.76 million, representing an 18.91% decrease compared to the previous day.

However, the naira dropped marginally at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by 0.40%, quoted at N1240/$1, while peer-to-peer traders quoted around N1197.60/$1.

The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.

The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.