Naira Falls Massively At Official Market – See New Exchange Rate

Naira Falls Massively At Official Market – See New Exchange Rate

Naira falls massively At Official Market Against Dollar on Thursday, 28th October 2021, which saw the exchange rate between the naira and the US dollar closed at N415.10/$1, at the Investors and Exporters window, where forex is traded officially.

Naira depreciated marginally on Thursday against the US dollar to close at N415.10/$1. This represents a 0.01% loss when compared to the N415.07 that was recorded on Wednesday, 27th October 2021. The local currency was weakened at the official market despite a 79% increase in forex liquidity.

On the other hand, the naira appreciated against the US dollar on Thursday at the parallel market to close at N568/$1, representing a N2 gain when compared to the N570/$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.

While trading at the official NAFEX window

The exchange rate depreciated against the US dollar on Thursday, 28th October 2021 to close the day at N415.10 to a dollar, representing a 3 kobo drop when compared to N415.07/$1 recorded on Wednesday, 27th October 2021.

The opening indicative rate closed at N414.13/$1 on Thursday, representing a 31 kobo gain when compared to N414.44/$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 N415.10/$1, while it sold for as low as N405/$1 during intra-day trading.

Meanwhile, forex turnover at the official window rose by 78.9% on Thursday, 28th October 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $147.44 million recorded on Wednesday to $263.70 million on Thursday 28th October 2021.

Naira Falls Massively At Official Market