The exchange rate between the naira the US dollar closed at N411.45/$1 at the Investors and Exporters window, where forex is traded officially.
Naira depreciated against the US dollar on Tuesday, having lost 32 kobo to close at N411.45/$1 compared to N411.13/$1 recorded on Monday, 5th July, 2021.
The local currency weakened against the dollar at the official market while forex liquidity improved by 54.7%
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 depreciated against the US dollar at the Investors and Exporters window at Tuesday’s trading session to close at N411.45/$1 as against the N411.13/$1 recorded at the end of trade on Monday, 5th July 2021. This represents a 32 kobo drop.
The opening indicative rate remained stable to close at N411.50 to a dollar on Tuesday, 6th July 2021, the same rate that was recorded on 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 N411.45/$1, while it sold for as low as N387.67/$1 during intra-day trading.
Meanwhile, forex turnover at the Investors and Exporters (I&E) window rose by 54.7% on Tuesday, 6th July 2021.
According to data tracked by Nairametrics from FMDQ, forex turnover increased from $71.55 million recorded on Monday, 5th July 2021 to $110.67 million on Tuesday, 6th July 2021.
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