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The forex market witnessed an appreciation in the value of the Naira against the US dollar

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Naira slumps by 23 against US Dollar in Q3 2023

‘We sold at N1,205 per $1 as of Tuesday, compared to N1,233 on Monday (Christmas Day). However, we buy at N1,195 per $1 on Tuesday,” he said.

The quoted figure showed that the country’s currency, the Naira, strengthened compared to the N1,233 to $1 it traded on Monday.

Meanwhile, on Tuesday, Naira traded around N1,181 to $1 on Binance, a P2P market and crypto platform.

The development comes as trading closed for the Christmas holiday on Friday at N885.88 per $1 at the official FMDQ market.

Since June 14, 2023, when the apex bank introduced FX reforms, the naira has been fluctuating in the forex markets.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, recently assured Nigerians that the naira is expected to strengthen in the FX market in 2024.


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