Naira Loses Ground Against Dollar on Last Day of November 2023

The Nigerian naira closed lower against the US dollar on Thursday, November 30, 2023, the last trading day of the month, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM), where forex is officially traded.

The naira fell by 0.10% or 0.85 kobo to settle at N832.32/$1, compared to N831.47/$1 on Wednesday.

The naira experienced a volatile day, as the intraday high reached N1,137/$1 while the intraday low was N700.00/$1, creating a wide gap of N437/$1.

The official NAFEM window also recorded a decline in forex turnover, as it dropped by 17.76% to $115.41 million, from $140.34 million on the previous day.

The naira also weakened at the parallel forex market, where forex is sold unofficially. The exchange rate was quoted at N1165/$1, while peer-to-peer traders were quoted around N1168.55/$1.

The naira remained unchanged against the British pound at ₦1,450/£1, but slipped slightly against the euro to close at ₦1,219.301/€1, from ₦1,192.795/€1 on Wednesday. The Canadian dollar maintained the N900/CA$1 trading rate.

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