The exchange rate between the naira and the US dollar closed at N414.83/$1, at the official Investors and Exporters window.
Naira appreciated marginally against the US dollar on Monday, to close at N414.83/$1, representing a 0.02% gain when compared to N414.90/$1 recorded on Friday 24th September 2021.
Meanwhile, the exchange rate at the parallel market closed at N573/$1 on Monday. This is according to information obtained by Nairametrics from BDC operators in Lagos.
The naira gained at the official market despite a 34% drop in dollar supply. The local currency is still hitting a record low against the US dollar at the black market despite the news of Nigeria’s Eurobond sales which is meant to boost its external reserves. Nigeria, last week, sold $4 billion Eurobond after investors oversubscribed to the tune of $12.2 billion.
The rise in external reserve on the back of the Eurobond issue is likely to increase the CBN’s capacity to support the naira.
Trading at the official NAFEX window
The exchange rate appreciated marginally against the US dollar on Monday, 27th September 2021 to close the day at N414.83 to a dollar, representing a 7 kobo gain when compared to N413.90/$1 recorded on Friday, 24th September 2021.
The opening indicative rate closed at N413.30/$1 on Monday, representing a 16 kobo drop when compared to N413.14/$1 recorded on Friday, 24th September 2021.
An exchange rate of N415 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.83/$1, while it sold for as low as N405/$1 during intra-day trading, the same as the previous day.
Meanwhile, forex turnover at the official window dropped by 34.12% on Monday, 27th September 2021.
According to data tracked by Nairametrics from the FMDQ, forex turnover declined from $198.59 million recorded on Friday to $130.83 million on Monday 27th September 2021.
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