See Exchange Rate Tonight As Naira Falls Against Dollar

Naira weakened against the dollar on Friday, January 12, 2024, at both the official and black market.

Data from the NAFEM, the platform where forex is officially traded, showed the naira’s loss representing a N15.75 depreciation compared to its Thursday close of N874.79.

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

See Exchange Rate Tonight As Naira Falls Against Dollar

The domestic currency depreciated 1.8% to close at N890.54/$1 to a dollar at the close of business on Friday, data from the NAFEM where forex is officially traded, showed.

This represents an N15.75 loss or a 1.8% decline in the local currency compared to the N874.79 it closed on Thursday.

Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 1.19%, quoted at N1260/$1, while peer-to-peer traders quoted around N1268,05/$1.