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Naira Depreciates At Official Market As Oil Price Hits Two Months High

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The exchange rate between the naira and the US dollar closed at N413.68/$1, at the official Investors and Exporters window.

Naira depreciated against the US dollar on Thursday, to close at N413.68/$1, representing a 0.12% fall compared to N413.18/$1 recorded on Wednesday 22nd September 2021. The exchange rate has now maintained an average of N413.46/$1 between Monday and Thursday.

Meanwhile, the exchange rate at the parallel market appreciated marginally to close at N571/$1 on Thursday from N572/$1 recorded a day before. This is according to information obtained by Nairametrics from BDC operators in Lagos.

The crude oil market continued on its bullish trend as Brent crude price surpassed $77 per barrel on Thursday, while Bonny Light traded above $74 per barrel.

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Nigeria’s foreign reserve also gained $128.59 million on Wednesday, 22nd September 2021 to close at $35.95 billion, according to data from the Central Bank of Nigeria. So far in the month of September, the CBN has recorded a total reserve gain of $1.94 billion.

Trading at the official NAFEX window

The exchange rate fell against the US dollar on Thursday, 23rd September 2021 to close the day at N413.68 to a dollar, representing a 0.12% depreciation compared to N413.18/$1 recorded on Wednesday, 22nd September 2021.

The opening indicative rate closed at N413.12/$1 on Thursday, representing a 23 kobo depreciation when compared to N412.89/$1 recorded on Wednesday, 22nd September 2021.

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An exchange rate of N415 to a dollar was the highest rate recorded during intra-day trading before it settled at N413.68/$1, while it sold for as low as N404/$1 during intra-day trading, the same as the previous day.

Meanwhile, forex turnover at the official window dropped by 23.4% on Thursday, 23rd September 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover decreased from $229.72 million recorded on Wednesday to $175.86 million on Thursday 23rd September 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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