On Monday, November 27, 2023, the Nigerian naira took a hit against the US dollar, closing at N814.60/$1 at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) window. This represents a loss of N19.71 in comparison to the N794.89/$1 it closed on Friday.
The intraday high was recorded at N1130/$1, while the intraday low was N701/$1, indicating a significant N429/$1 difference. Forex turnover was $100.06 million at the close of trading, a 31.97% increase from the previous day, according to data from the official NAFEM window.
The naira also dropped in the parallel forex market, where forex is sold unofficially, with the exchange rate falling to N1157$1. This is almost the same as Friday’s rate of N1155$1, while peer-to-peer traders quoted around N1159.20/$1.
Despite the naira’s slump against the dollar, it maintained its rate against the pound, euro, and Canadian dollar at ₦1,460/£1, ₦1,177.85/€1, and N900/CA$1, respectively.