See Exchange Rate Tonight As Naira Falls Against Dollar

Naira depreciated against the dollar on Wednesday, 20th December 2023, closing at N854.61/$1 at the official market.   

The domestic currency depreciated 1.5% to close at N854.61/$1 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.

This represents an N9.73 gain or a 1.15% increase in the local currency compared to the N844.85 it closed on Tuesday.

See Exchange Rate Tonight As Naira Falls Against Dollar

The intraday high recorded was N1240/$1, while the intraday low was N700/$1, representing a wide spread of N540/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $181.30 million, representing a 21.45% decrease compared to the previous day.

However, the naira appreciated at the parallel forex market where forex is sold unofficially, the exchange rate appreciated by 0.24%, quoted at N1238/$1, while peer-to-peer traders quoted around N1187.30/$1.

Managing Director/CEO, of Financial Derivatives Company Limited, Bismarck Rewane had said in a report that the naira is expected to remain volatile on lingering forex supply concerns.

The dollar dearth means speculative buying is likely to continue, with an increasing number of market participants taking long positions on the dollar while shorting the naira.