See Exchange Rate Tonight As Naira Falls Against Dollar Ahead Of Christmas

Naira weakened against the dollar on Friday, December 22nd, 2023, falling 2.71% to close at N885.88/$1.

This decline, coupled with a 22% drop in forex turnover to $92.16 million, has raised concerns about potential impacts on the upcoming Christmas holiday.

Data from the NAFEM, the platform where forex is officially traded, showed the naira’s loss representing a N23.97 depreciation compared to its Thursday close of N861.91.

See Exchange Rate Tonight As Naira Falls Against Dollar Ahead Of Christmas

Analysts attribute the naira’s weakness to a combination of factors, including increased demand for hard currency ahead of the Christmas holidays and continued concerns about Nigeria’s oil production and global economic uncertainties.

The domestic currency depreciated 2.71% to close at N885.88/$1 to a dollar at the close of business on Friday, data from the NAFEM where forex is officially traded, showed.

This represents an N23.97 loss or a 2.71% decline in the local currency compared to the N861.91 it closed on Thursday.

The intraday high recorded was N1248/$1, while the intraday low was N700/$1, representing a wide spread of N548/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $92.16 million, representing a 22% decrease compared to the previous day.

Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 0.16%, quoted at N1230/$1, while peer-to-peer traders quoted around N1163,35/$1.

The naira’s depreciation could have implications for Christmas spending, as it makes imported goods more expensive. However, the Central Bank of Nigeria has assured the public that it is committed to maintaining exchange rate stability and will take necessary measures to address the situation.