WRITTEN BY: CHIOMA MADONNA NDUKWU
The Nigerian naira witnessed a substantial rise against the US dollar, closing at N791.75/$1 in the official market on November 17, 2023. This surge, amounting to a 6.24% appreciation, signifies a significant leap compared to the previous day’s rates. The Central Bank of Nigeria’s efforts to clear foreign exchange backlogs contributed to this positive shift, instilling confidence in the currency.Throughout the trading day, the naira fluctuated between an intraday high of N1120/$1 and a low of N701/$1, reflecting a considerable spread of N419/$1. Despite a decline in forex turnover by 23.60% to $157.78 million, the naira’s official market showcased notable strengthening.
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