On Tuesday, December 12, 2023, the Nigerian Naira experienced a marginal decline against the US dollar, reaching an intraday high of N1186/$1 at both the official market and the parallel market.
The previous day, on Monday, December 11, 2023, the Naira had staged a significant recovery at the official market, rebounding from a historical low it reached on Friday, December 8, 2023.
According to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency depreciated by 0.09%, closing at N865.03 to a dollar at the end of business on Thursday. This represented a 0.09% decline from the N864.29 it closed at on Monday, resulting in a loss of 0.74 kobo.
The intraday trading range witnessed a high of N1186/$1 and a low of N720.00/$1, indicating a substantial spread of N466/$1. At the close of trading, the forex turnover on the official NAFEM window was $99.09 million, marking a 25.19% decrease compared to the previous day.
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In the parallel forex market, where unofficial forex transactions occur, the Naira faced a 1.24% drop. The exchange rate was quoted at N1210/$1, down from N1195/$1 the day before. Peer-to-peer traders, on the other hand, quoted an exchange rate of approximately N1216.10/$1.