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Naira Weakens At Forex Market As Minister Hints At Unified Rate



The exchange rate between the naira and the US dollar fell to N411.75/$1 at the Investors and Exporters window, where forex is traded officially.

Naira fell against the US dollar on Wednesday to close at N411.75/$1, representing a 0.06% depreciation compared to N411.5/$1 recorded in the previous trading session. This also represents the lowest rate in over a month at the official window.

In the same vein, naira depreciated at the parallel market to close at N517/$1 on Wednesday. This represents a 0.39% depreciation compared to N515/$1 recorded on Tuesday, 17th August 2021.

Meanwhile, the minister of finance, Zainab Ahmed hinted that the latest policy by the Central Bank of Nigeria is pushing the local currency towards a unified exchange rate.

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She made this known in an interactive session on the Medium Term Expenditure Framework (MTEF) organised by the House of Representatives Committee on Finance.

Trading at the official I&E window
Naira depreciated against the US dollar at the Investors and Exporters window on Wednesday to close at N411.75/$1 from N411.5/$1 recorded at the end of trade on Tuesday, 17th August 2021.

The opening indicative rate closed at N411.39/$1 which is a marginal decline compared to N411.38$1 recorded in the previous trading session.

An exchange rate of N412 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 increased marginally by 0.2% on Wednesday, 18th August 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover increased from $113.17 million recorded on Tuesday, 17th August 2021 to $113.38 million on Wednesday, 18th August 2021.

Source: Nairametrics

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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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