Naira Gains At Official Market Against Dollar

Naira Gains At Official Market Against Dollar

Naira Gains At Official Forex Market Against Dollar on Wednesday, 3rd November 2021, which saw the exchange rate between the naira and the US dollar closed at N414.8/$1, at the Investors and Exporters window, where forex is traded officially.

Naira appreciated further against the US dollar on Wednesday 3rd November 2021, to close at N414.8/$1, representing a 0.07% fall compared to N415.07/$1 recorded at the close of trading activities on Tuesday, 2nd November 2021.

While at the parallel market on Wednesday, the naira remained flat against the US dollar to close at N570/$1, the same as recorded as of the close of trading activities on Tuesday, 2nd November 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

Nigeria’s foreign reserve continued on a decline on Tuesday with a 0.04% drop to close at $41.78 billion on 2nd November 2021. This represents a $15.54 million decline compared to $41.79 billion recorded as of Monday, 1st November 2021.

While trading at the official NAFEX window

The exchange rate gained against the US dollar on Wednesday, 3rd November 2021, to close at N414.8/$1 compared to N415.07/$ recorded in the previous trading session. This represents a 0.07% appreciation in the exchange rate.

The opening indicative rate closed at N413.76/$1 on Wednesday. This represents a 50 kobo appreciation compared to N414.16/$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 N414.8/$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 seven trading sessions.

Forex turnover at the official window increased significantly by 113.1% to $133.37 million.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $62.58 million recorded on Tuesday to $133.37 million on Wednesday, 3rd November 2021.