Naira weakens at official market, trades at N1186/$1

The Nigerian Naira recorded a weak decline on Tuesday following a massive appreciation on Monday at the art of the week.

The naira recorded an intraday high of N1186/$1 against the U.S. dollar both at the official market and the parallel market on Tuesday 12th December 2023.

The domestic currency depreciated 0.09 percent to close at N865.03 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.

This represents a 0.74 kobo loss or a 0.09 percent decline in the local currency compared to the N864.29 it closed on Monday.

The intraday high recorded was N1186/$1, while the intraday low was N720.00/$1, representing a wide spread of N466/$1./

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $99.09 million, representing a 25.19 percent decrease compared to the previous day./

Similarly, the naira closed dropped by 1.24 percent at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1210/$1 as against N1195/$1 the previous day, while peer-to-peer traders quoted around N1216.10/$1.