Naira Falls Massively At Official Market As New Exchange Rate Emerged

Naira Falls Massively At Official Market As New Exchange Rate Emerged

Naira falls massively At Official Market Against Dollar on Thursday, 16th December 2021, which saw the exchange rate between the naira and the US dollar closed at N415.05/$1, at the Investors and Exporters window, where forex is traded officially.

Naira depreciated marginally on Thursday against the US dollar to close at N415.05/$1. This represents a 0.2% loss when compared to the N414.25 that was recorded on Wednesday, 15th December 2021 as the pressure on the country’s external reserves continued with a decline of $24 million.

On the other hand, the naira appreciated against the US dollar on Thursday at the parallel market to close at N572.5/$1, representing a 50kobo drop when compared to the N572/$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.

The local currency fell at the official market despite an 86.4% improvement in dollar supply during Thursday’s trading session.

While trading at the official NAFEX window

The exchange rate at the Investors and Exporters window depreciated to close at N415.05/$1 on Thursday, representing an 80 Kobo drop when compared to the N414.25/$1 that was recorded at the last trading session.

The opening indicative rate depreciated to close at N414.13/$1 on Thursday, December 16, which represents a 26 kobo drop when compared to the N413.87/$1 that was recorded in the previous trading session.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N415.05/$1, while it sold for as low as N405/$1 during intra-day trading.

Forex turnover at the official window rose by 86.4% to trade at $331.11 million on Thursday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $177.60 million on Wednesday 15th December 2021, to $331.11 million on Thursday 16th December 2021.

Naira Falls Massively At Official Market As New Exchange Rate Emerged