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Naira Appreciates At Official Market As Nigeria’s External Reserve Rises

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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.

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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.

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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.

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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