Naira gains 13%, ends 2023 at N907.11/$ in NAFEM

The naira appreciated N907.11 per dollar at the end of trading activity in the Nigerian Foreign Exchange market for the year.
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N907.11 per dollar from N1,043 per dollar on Thursday, indicating a 13 per cent gain or N135.89 appreciation for the naira.
The market recorded an intraday high of N1,224 per dollar and an intraday low of N700 per dollar resulting in a margin of N524 per dollar.
The volume of dollars traded on the window increased by seven per cent to $89.3 million from $83.63 million traded on Thursday.
However, the naira yesterday depreciated to N1,215 per dollar in the parallel market from N1,210 per dollar on Thursday.
Consequently, the gap between the official and parallel market exchange rates widened to N307.89 per dollar yesterday from N166.91 on Thursday.