Naira regained ground to appreciate massively against the dollar on Monday, 11th December 2023 at the official market after it plunged to a historical low on Friday, December 8th, 2023.
The domestic currency appreciated 27.16% to close at N864.29 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.
This represents an N234.76 gain or a 27.16% increase in the local currency compared to the N1,099.05 it closed on Friday.
The intraday high recorded was N1185.10/$1, while the intraday low was N720/$1, representing a wide spread of N465.10/$1.
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According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $132.46 million, representing a 86.83% increase compared to the previous day.
However, the naira dropped at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 1.26%, quoted at N1195/$1, while peer-to-peer traders quoted around N1214.32/$1.
The Central Bank of Nigeria (CBN) has said it has made tranche payments to 31 banks to clear the backlog of foreign exchange forward obligations.
The apex bank also disclosed that it has set up foreign exchange frameworks to address the FX issues.
