The Naira gained marginally against the dollar both at the official market and the black market on Monday 18th December, 2023.
The domestic currency appreciated 0.17% to close at N888.35 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.
This represents an N1.51 gain or a 0.17% increase in the local currency compared to the N889.86 closed on Friday.
The intraday high recorded was N1249/$1, while the intraday low was N720/$1, representing a wide spread of N529/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $137.82 million, representing a 230.82% increase compared to the previous day.
Similarly, the naira gained marginally at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1235/$1, representing a 0.81% gain over what it closed the previous day, while peer-to-peer traders quoted around N1214.10/$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.
