No more N1k/dollar as currency dealers quote new naira rate against the dollar in official market

The naira depreciated 1.15% against the dollar at the official market despite a rise of over 60% in FX liquidity on Wednesday, November 22, 2023.

The naira closed at N840.53 per dollar on Wednesday, November 22, 2023, weaker than the N830.97 quoted on Tuesday at the Autonomous Foreign Exchange Market (NAFEM), data from FMDQ shows.

Foreign exchange market experiences improved dollar supply

The foreign exchange market recorded improved dollar liquidity as the daily FX turnover spiked by 61.86% to $198.21 million on Wednesday, November 22, 2023, from $122.46 million recorded the previous day.

Currency dealers quoted dollars as high as N1,135 per dollar on the spot segment and as low as N743.43 per dollar.

At the unofficial parallel market, the naira depreciated against the US dollar as the market closed at N1,150 per dollar on Wednesday, November 22, 2023.

The fall represents 0.43 per cent compared to N1,145 per dollar traded the day before.

The dollar was quoted at the same rate of N1,150 across two states, including Abuja.