Naira Gains Massively At Official Market Against Dollar

Naira Falls At Official Window Against Dollar

Naira Falls At Official Market Against Dollar on Monday, 11th October 2021, which saw the exchange rate between the naira and the US dollar closed at N414.40/$1, at the Investors and Exporters window, where forex is traded officially.

Naira depreciated further against the US dollar on Monday, to close at N414.40/$1, representing a  0.02% fall compared to N414.30/$1 recorded on Friday, 8th October 2021.

Meanwhile, the exchange rate at the parallel market gained 0.35% to close at N564.5/$1 on Monday from N570/$1 recorded in the previous week. This is according to information obtained by Nairametrics from BDC operators in Lagos.

The local currency hit as high as N420.50 at the official market earlier in the day, as the forex shortages still persist. Vice President Yemi Osibanjo, has called on the CBN to allow the naira to reflect the realities of the market. He noted that the exchange rate was artificially low.

While Trading at the official NAFEX window:

The exchange rate fell against the US dollar on Monday, 11th October 2021 to close the day at N414.40 to a dollar, representing a 10 kobo drop depreciation compared to N414.30/$1 recorded on Friday, 8th October 2021.

The opening indicative rate closed at N413.53/$1 on Monday, representing a 91 kobo gain when compared to N414.44/$1 recorded the previous trading day.

An exchange rate of N420.50 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.40/$1, while it sold for as low as N404/$1 during intra-day trading.

Meanwhile, forex turnover at the official window dropped by 49.7% on Monday, 11th October 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover declined from $359.48 million recorded on Friday to $184.31 million on Monday, 11th October 2021.

Naira Falls At Official Window Against Dollar

By Okpara Kenneth

https://www.flippstack.com

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