No More N1k/$ as Currency Dealers Quote New Naira Rate Against the Dollar in Official Market
- The Nigerian currency, the naira, depreciated against the dollar by 1.15% on Wednesday, October 22, 2023
- The naira closed at N840.53 per dollar against the dollar at the official NAFEM
- Currency dealers quoted the dollar as high as N1,135 per dollar and as low as N743.43 per dollar on Wednesday, November 22, 2023
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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 showed.
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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 $122.46 million recorded the previous day.
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Currency dealers quoted dollars as high as N1,135 per dollar on the spot segment and as low as N743.43 per dollar.
At the unofficial parallel market, the naira depreciated against the US dollar as the market closed at N1,150 per dollar on Wednesday, November 22, 2023.
The fall represents 0.43 per cent compared to N1,145 per dollar traded the day before.
The dollar was quoted at the same rate of N1,150 across two states, including Abuja.
Nigeria's Treasury Bills record high yields
According to FSDH, Nigeria’s Treasury Bills secondary market closed positively as the average yield across the curve dropped by one basis point to 12.82% from 12.83% the previous day.
Average yields across short-term and long-term maturities dropped by one basis point each, while the average yield across the medium-term maturities closed flat.
An overnight rate spiked by 1.33% to close at 25.17% as against the last close of 23.84%, and the Open Repo rate spiked by 0.90% to close at 23.83% compared to 22.93% on the day before.
BusinessDay reports that the Open Market Operation (OMO) bills market closed positively on Wednesday, November 22, 2023, as the average yield across the curve cleared lower by one basis point, closing at 14.69% from 14.70% the day before.
No more N1k/$: Naira sets new exchange rate record after rallying by N286 in hours against US dollar
Legit.ng reported that it is getting worse for the naira at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Central Bank of Nigeria approved official market.
Just hours after recording a massive gain of N31, the naira crashed to its lowest level against the United States dollar at NAFEM.
Read also
Naira appreciates by N41.61 against US dollar, hits Tinubu govt’s fair exchange rate target
According to Reuters, the naira was exchanged at N1,105/$ to the US dollar on the official market on Thursday, November 16, 2023
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