See What Happened To Naira Today

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 See What Happened To Naira Today



See What Happened To Naira Today

In the latest forex update, the Nigerian naira experienced a 1.5% depreciation, closing at N854.61 against the US dollar, as reported by data from the official NAFEM trading platform. This marks a 1.15% increase in the local currency compared to its Tuesday closing rate of N844.85.


Throughout the trading day, the naira witnessed an intraday high of N1240/$1 and a low of N700/$1, indicating a significant spread of N540/$1. The forex turnover at the close of trading amounted to $181.30 million, revealing a 21.45% decrease from the previous day's figures.


While the official market showed a decline, the parallel forex market portrayed a contrasting scenario. The unofficial exchange rate saw a 0.24% appreciation, reaching N1238/$1. Peer-to-peer traders quoted approximately N1187.30/$1.


Bismarck Rewane, the Managing Director/CEO of Financial Derivatives Company Limited, highlighted concerns over lingering forex supply issues, predicting continued volatility in the naira. The scarcity of dollars is prompting speculative buying, leading to an increasing number of market participants taking long positions on the dollar while shorting the naira.

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