Naira further strengthens against Dollar, appreciates to N786.02/$1

Naira and Dollar

Naira and Dollar: How secure is the naira?

The Nigerian naira appreciated against the dollar on Wednesday, 1st November 2023, closing at N786.02/$1 at the official market.

This represents a 3.73% increase from the N815.32/$1 recorded on the previous day.

The intraday high recorded was N1101.00/$1, while the intraday low was N701.00/$1, representing a wide spread of N400/$1.

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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $105.98 million, representing a 41.82% decrease compared to the previous day.

On the black market where forex is sold unofficially, the exchange rate appreciated by 0.85%, quoted at N1170/$1, while peer-to-peer traders quoted around N1180/$1.

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