Forex turnover hits $147.81m

Forex turnover on Tuesday rose by 460.52 percent/ to $147.81.

This is as the Nigerian naira advanced against the dollar on Tuesday, January 16th, 2024 in both the official and black markets depreciating to N878.57

The Naira depreciated 4.72 percent 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 percent decrease in the local currency compared to the N838.95 closed the previous day.

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 percent 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 percent decrease over what it closed the previous day, while peer-to-peer traders quoted around N1325.64/$1.