Naira Still Down At The Official Market Against Dollar

Naira Still Down At The Official Market Against Dollar

Naira still low At the Official Forex Market Against Dollar on Friday, 22nd 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 remained stable against the US dollar on Friday, to close at N415.07/$1 which was the same rate that was recorded on Thursday, 21st October 2021.

On the other hand, the naira gained marginally by 0.17% to N574/$1 on Friday, 22nd October 2021 compared to N575/$1 recorded as of the close of trade on Thursday, 21st 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 remained stable against the US dollar on Friday, 22nd October 2021 to close the day at N415.07 to a dollar, representing the same rate when compared to N415.07/$1 recorded on Thursday, 21st October 2021.

The opening indicative rate closed at N414.10/$1 on Friday, representing a 16 kobo drop when compared to N413.94/$1 recorded in the previous trading day.

An exchange rate of N429 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 N404/$1 during intra-day trading.

Meanwhile, forex turnover at the official window rose by 133.6% on Friday, 22nd October 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $103.16 million recorded on Thursday to $240.97 million on Friday 22nd October 2021.

Naira Still Down At The Official Market Against Dollar