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Naira Appreciates At Official FX Market As Foreign Reserve Records First Decline In Over 2 Months

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The exchange rate between the naira and the US dollar closed at N414.98/$1, at the official Investors and Exporters window. Naira gained against the US dollar to close at N414.98/$1, Monday 1st November 2021, representing a 0.03% appreciation compared to N415.1/$1 recorded at the close of trading activities on Friday.

On the other hand, naira depreciated against the US dollar at the parallel market on Monday by 0.88% to close at N570/$1 compared to N565/$1 recorded as of the close of trading activities on Friday, 29th October 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

Meanwhile, Nigeria’s foreign reserve recorded the first decline in over 2 months to close at $41.82 billion on Friday, 29th October 2021, representing an $8.8 million drop in the reserve position. The nation’s forex reserve decreased marginally by 0.02% on Friday from $41.828 billion recorded as of the previous day.

Trading at the official NAFEX window
The exchange rate gained against the US dollar on Monday, 1st November 2021, to close at N414.98/$1 compared to N415.1/$ recorded in the previous trading session. This represents a 0.03% appreciation in the exchange rate.

The opening indicative rate closed at N414.12/$1 on Monday, which represents a 37 kobo appreciation compared to N414.49/$1 recorded in the previous trading day.

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An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.98/$1, while it sold for as low as N404/$1 during intra-day trading.

Meanwhile, forex turnover at the official window appreciated compared to the previous day, increasing by 71.4% on Monday, 1st November 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $93.71 million recorded on Friday to $160.64 million on Monday, 1st November 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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