See Exchange Rate Tonight As Naira Depreciates At Official Market

Naira tumbled against the dollar on Tuesday, January 16th, 2024, in both the official and black markets.  

The domestic currency depreciated 4.72% to close at N878.57 to a dollar at the close of business, based on data from NAFEM where forex is officially traded.

This represents an N39.62 loss or a 4.72% decrease in the local currency compared to the N838.95 closed the previous day.

See Exchange Rate Tonight As Naira Depreciates At Official Market

The intraday high recorded was N1299.50/$1, while the intraday low was N720.50/$1, representing a wide spread of N579/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $147.81 million, representing a 460.52% increase compared to the previous day.

Similarly, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1280/$1, representing a 1.17% decrease over what it closed the previous day, while peer-to-peer traders quoted around N1325.64/$1.