Business News

Naira falls against the Dollar, depreciates to N809.02/$1 at the official market  

The Nigerian naira depreciates against the dollar on Monday, 6th November 2023, closing at N809.02/$1 at the official market. 

This represents a 4.06% increase from the N776.14/$1 recorded on Friday 3rd November day. 

The intraday high recorded was N1100/$1, while the intraday low was N720.50/$1, representing a wide spread of N379.50/$1. 

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $87.65 million, representing an 11.30% decrease compared to the previous day. 

However, on the black market where forex is sold unofficially, the exchange rate appreciated 16.18%, quoted at N1020/$1, while peer-to-peer traders quoted around N1063.50/$1. 

The Association of Bureau de Change Operators of Nigeria has warned those speculating against the naira to be wary. 

The President of ABCON, Aminu Gwadabe gave the warning and noted that the Central Bank of Nigeria was set to inflict pain on currency speculators. 

The naira had reversed the depreciating trend it had witnessed this year after the CBN started to clear the forex demand backlog in banks. 

The BDC operators called on the apex bank to continue to make clarifications and implement some of their recommendations to include them in the foreign exchange market. 

Gwadabe said that would enable BDCs to play their roles of meeting the needs of the critical retail end sector, “as they pose highly pass-through effects of the Central Bank foreign exchange rate policy of stability and elimination of disparities in the overall market.