Naira strengthens against the US dollar to N838.95/$1 in the official market    

Naira further gained against the dollar on Monday, 15th January 2024 at the official market but dropped marginally at the parallel market.    

The domestic currency appreciated 5.79% to close at N838.95 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.    

However, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1265/$1, representing a 0.40% decrease over what it closed the previous day, while peer-to-peer traders quoted around N1296.32/$1.