Naira Depreciates At Official Market Against Dollar – New Exchange Rate Emerges

Naira Depreciates At Official Market Against Dollar

Naira falls At Official Forex Market Against Dollar on Thursday, 21st October 2021, which saw the exchange rate between the naira and the US dollar closed at N415.07/$1, at the Investors and Exporters window, where forex is traded officially.

Naira depreciated further against the US dollar on Thursday, to close at N415.07/$1, representing a 0.24% fall compared to N414.07/$1 recorded on Wednesday, 20th October 2021.

On the other hand, the naira depreciated marginally by 0.35% to N575/$1 on Thursday, 21st October 2021 compared to N573/$1 recorded as of the close of trade on Wednesday, 20th October 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

However, Nigeria’s foreign reserve recorded a further boost of $40.76 billion on Wednesday, 20th October 2021, representing a $377.04 million boost in the reserve position. The nation’s forex reserve increased by 0.93% on Wednesday from $40.39 billion recorded as of the previous day.

While trading at the official NAFEX window

The exchange rate appreciated against the US dollar on Thursday, 21st October 2021 to close the day at N415.07 to a dollar, representing a 0.24% gain compared to N414.07/$1 recorded on Wednesday, 20th October 2021.

The opening indicative rate closed at N413.94/$1 on Thursday, representing a 28 kobo appreciation compared to N414.18/$1 recorded in the previous trading day. This also represents a positive movement in three consecutive trading days.

An exchange rate of N424.45 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.07/$1, while it sold for as low as N405/$1 during intra-day trading.

Meanwhile, forex turnover at the official window dropped by 69.2% on Thursday, 21st October 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $334.97 million recorded on Wednesday to $103.16 million on Thursday 21st October 2021.

Naira Depreciates At Official Forex Market Against Dollar