Naira appreciates by N49.39 against US dollar as exchange rate improves across all FX markets

The value of the Nigerian Naira improved against the United States Dollar across the foreign exchange markets.

According to data from the FMDQ Securities Exchange, in the official FX segment called Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira's value closed at N791.75/$1 on Friday, November 17, 2023.

This represents a 5.9% or N49.39 appreciation compared to the previous day's (Thursday) rate of N841.14/$1.

Naira's value improved amid a 23.6% or $30.13 million forex supply increase into the official market as turnover closed at $157.78 million compared with the $127.65 million achieved a day earlier.

It was the same positive news for the Naira in the parallel market, also known as the black market section.

Naira rates report that the Nigerian currency exchanged against the dollar on Sunday, November 19, at N1,127 a dollar.

This is an improvement from the N1,135/$1 on Friday and Thursday's closing price of N1,130/$1.

However, in the Peer-to-Peer (P2P) window, the Naira depreciated against the Dollar on Friday by N1 to quote at N1,115/$1, in contrast to the preceding session's value of N1,114/$1.

It was not different with the Naira in the official market as CBN data shows against the Pound Sterling as it lost N16.15 to trade at N1,045.89/£1 versus N1,029.74/£1 and against the Euro, it depleted by N16.64 to settle at N915.09/€1 compared with the previous day's N898.45/€1.