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Naira Falls Across Forex Markets As Exchanhe Rate Goes Up At Black Market

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The exchange rate between the naira and the USD closed at N411.75/$1 at the official Investors and Exporters forex window.

Naira fell against the US dollar on Friday to close at N411.75/$1, representing a 0.12% depreciation compared to N411.25/$1 recorded on Thursday. It also represents a 0.12% week-on-week fall compared to N411.25/$1 recorded at the end of the previous week.

At the parallel market, naira also fell against the US dollar to close at N505/$1 compared to N503/$1 recorded on Thursday, 8th July 2021.

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Trading at the official NAFEX window
Naira depreciated against the US dollar at the Investors and Exporters window on Friday to close at N411.75/$1 from N411.25/$1 recorded at the end of trade on Thursday, 8th July 2021.

The opening indicative rate however appreciated from N411.75/$1 recorded on Thursday to close at N411.29/$1 on Friday.

An exchange rate of N460.11 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.75/$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 declined by 12% on Friday, 9th July 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover decreased from $84.06 million recorded on Thursday, 8th July 2021 to $73.99 million on Friday, 9th July 2021.

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Hammed Tajudeen is the editor in-chief of Blaze News, holds Higher National Diploma(HND) in Mass Communication, graduated from Osun State Polytechnic, Iree.

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