December 28, (THEWILL) – Two days to the last trading of the year, Naira gained marginally at the Nigeria Autonomous Foreign Exchange Market (NAFEM) when activities resumed on Wednesday, December 27, after the Christmas holiday.
This represents N13.29 gain or a 1.5 percent appreciation against the N885.88/$1 the local currency closed at on Friday, December 22, before the Yuletide vacation.
NAFEM exchange rate has hovered around N850/$1 suggesting that the N750/$1 benchmark for the 2024 budget may be significantly unrealistic, as some experts had hinted.
The last date the Naira recorded N750.14/$1 was on November 20 after which it jumped to N830.97/$1 hitting N956.33/$1 on November 23, before settling at N794.89/$1 to close the week on Friday November 11.
Forex turnover grew by 38.81 percent to $127.93 million on Wednesday December 27, as against $92.16 million on Friday, December 22.at the official market.
The domestic currency appreciated 1.52% to close at N872.59 to a dollar at the close of business, data from the NAFEM where forex is officially traded.
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
