The exchange rate between the naira the US dollar closed at N411.13/$1 at the Investors and Exporters window, where forex is traded officially.
Naira appreciated marginally against the US dollar on Monday, having gained 12 kobo to close at N411.13/$1 compared to N411.25/$1 recorded on Friday, 2nd July 2021.
The local currency gained against the dollar at the official market as Brent crude sailed past $77 per barrel for the first time in about 3 years.
Meanwhile, the naira was stable at the parallel market, as it closed at N503 to a dollar. This was the same rate that was recorded in the previous trading session. Also, Nigeria’s external reserve continues to plunge, as it heads to its lowest position in four years and a year-to-date decline of over $2 billion.
Trading at the official NAFEX window
Naira appreciated against the US dollar at the Investors and Exporters window at Monday’s trading session to close at N411.13/$1 as against the N411.25/$1 recorded at the end of trade on Friday, 2nd July 2021. This represents a 12 kobo gain.
The opening indicative rate closed at N411.50 to a dollar on Monday, 5th July 2021, this represents a 48 kobo gain when compared to the N411.98 to a dollar that was recorded the previous trading day.
An exchange rate of N420.86 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.13/$1, while it sold for as low as N400/$1 during intra-day trading.
Meanwhile, forex turnover at the Investors and Exporters (I&E) window dropped by 48.6% on Monday, 5th July 2021.
According to data tracked by Nairametrics from FMDQ, forex turnover declined from $139.23 million recorded on Friday, 2nd July 2021 to $71.55 million on Monday, 5th July 2021.
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