Naira Crashes As Dollar Gains Massively At Official Market

Naira Crashes As Dollar Gains Massively At Official Market

Naira crashes At Official Forex Market Against Dollar on Tuesday, 2nd November 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 Tuesday 2nd November 2021, to close at N415.07/$1, representing a 0.02% fall compared to N414.98/$1 recorded at the close of trading activities on Monday, 1st November 2021.

On the other hand, the naira fell against the US dollar at the parallel market also known as the black market on Tuesday to close at N570/$1, the same as recorded at the close of trading activities on Monday, 1st November 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

Nigeria’s foreign reserve retreated for the second time in a row as it declined by $29.35 million to close at $41.79 billion as of Monday, 1st November 2021. This represents a 0.07% drop compared to $41.82 billion as of 29th October 2021.

While trading at the official NAFEX window

The exchange rate depreciated against the US dollar on Tuesday, 2nd November 2021, to close at N415.07/$1 compared to N414.98/$ recorded in the previous trading session. This represents a 0.02% fall in the exchange rate.

The opening indicative rate closed at N415.07/$1 on Tuesday. This is 14 kobos higher when compared to N414.12/$1 recorded in the previous trading day.

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 N404/$1 during intra-day trading. The highest rate recorded during the day has been the same in the past six trading sessions.

Forex turnover at the official window depreciated significantly to its lowest level since August 20th. Forex liquidity declined by 61% on Tuesday, 2nd November 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $160.64 million recorded on Monday to $62.58 million on Tuesday 2nd November 2021.

Naira Crashes As Dollar Gains Massively At Official Market