Naira Continues To Gain At Official Market Against Dollar

Naira Continues To Gain At Official Market Against Dollar

Naira continues to gain At Official Forex Market Against Dollar on Friday, 19th November 2021, which saw the exchange rate between the naira and the US dollar closed at N414.4/$1, at the Investors and Exporters window, where forex is traded officially.

Naira appreciated further against the US dollar on Friday 19th November 2021, to close at N414.4/$1, representing a 0.02% fall compared to N414.8/$1 recorded at the close of trading activities on Thursday, 18th November 2021.

Meanwhile, the Naira remained flat against the US dollar at the parallel market on Friday to close at N546/$1, just a 1$ difference from what was recorded at the close of trading activities N545/$1 on Thursday, 18th November 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

While trading at the official NAFEX window

The exchange rate continues to appreciate against the US dollar on Friday, 19th November 2021, to close at N414.8/$1 compared to N415.1/$ recorded in the previous trading session.

The opening indicative rate closed at N413.55/$1 on Friday. This represents a 36 kobo gain when compared to N413.19/$1 recorded in the previous trading day.

An exchange rate of N445.75 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.4/$1, while it sold for as low as N405.61/$1 during intra-day trading. The highest rate recorded during the day has been the same in the past eight trading sessions.

Forex turnover at the official window dropped by 22.8%  to $69.63 million on Friday, November 19th, 2021.

According to data record FMDQ, forex turnover at the I&E window decreased from $90.18 million recorded on Thursday 18th November 2021 to $69.63 million on Friday 19th November 2021.

Naira Continues To Gain At Official Market Against Dollar