Naira appreciates to N891.90/$1 at official market

Naira gained against the dollar on Friday, 26th January 2024 at the official market but closed flat at the black market.  

The domestic currency appreciated 1.02% to close at N891.90 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.       

• This represents an N9.06 gain or a 1.02% increase in the local currency compared to the N900.96 closed on Thursday.
• The intraday high recorded was N1421/$1, while the intraday low was N700/$1, representing a wide spread of N721/$1.
• According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $100.97 million, representing a 12.35% decrease compared to the previous day.

However, the naira closed flat at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1410/$1, the same as what it closed the previous day, while peer-to-peer traders quoted around N1422.98/$1.