Naira Gains Massively At Official Market Against Dollar – New Exchange Rate Emerges

Naira Gains Massively At Official Market Against Dollar – New Exchange Rate Emerges

Naira gains massively At Official Market Against Dollar on Wednesday, 27th 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 appreciated further against the US dollar on Wednesday, to close at N415.07/$1, representing a 0.01% fall compared to N415.10/$1 recorded on Tuesday, 26th October 2021.

On the other hand, the naira remained stable against the US dollar on Wednesday at the parallel market to close at N570/$1, representing the same rate when compared to the N570/$1 that was recorded as of the close of trading activities the previous day. This is according to information obtained by Nairametrics from BDC operators in Lagos.

While trading at the official NAFEX window

The exchange rate appreciated against the US dollar on Wednesday, 27th October 2021 to close the day at N415.07 to a dollar, representing a 3 kobo gain when compared to N415.10/$1 recorded on Tuesday, 26th October 2021.

The opening indicative rate closed at N414.44/$1 on Wednesday, representing a 40 kobo drop when compared to N414.04/$1 recorded in the previous trading day. This also represents a positive movement in three consecutive trading days.

An exchange rate of N444 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 rose by 26.6% on Wednesday, 27th October 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window declined from $200.74 million recorded on Tuesday to $147.44 million on Wednesday 27th October 2021.

Naira Gains Massively At Official Market Against Dollar – New Exchange Rate Emerges