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Naira Depreciates As Exchange Rate At Forex Records Marginal Drop

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The exchange rate between the naira and the US dollar closed at N415.1/$1, at the official Investors and Exporters window.

The Naira depreciated against the US dollar to close at N415.1/$1 on Thursday 4th November 2021, representing a 0.07% decline compared to N414.8/$1 recorded at the close of trading activities on Wednesday.

On the other hand, the naira remained flat against the US dollar at the parallel market on Thursday to close at N570/$1, the same as recorded at the close of trading activities on Wednesday, 3rd November 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

Nigeria’s foreign reserve continued on a decline on Wednesday with a 0.05% drop to close at $41.76 billion on 3rd November 2021. This represents a $19.32 million decline compared to $41.78 billion recorded as of Tuesday, 2nd November 2021.

Trading at the official NAFEX window
The exchange rate depreciated against the US dollar on Thursday, 4th November 2021, to close at N415.1/$1 compared to N414.8/$ recorded in the previous trading session. This represents a 0.07% decline in the country’s exchange rate.

The opening indicative rate closed at N414.49/$1 on Tuesday. This represents a 73 kobo depreciation compared to N413.76/$1 recorded in the previous trading day.

An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.1/$1, while it sold for as low as N404/$1 during intra-day trading. The highest rate recorded during the day has been the same in the past seven trading sessions.

Forex turnover at the official window reduced marginally by 239% to $129.54 million on Thursday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $133.37 million recorded on Wednesday 3rd November 2021 to $129.54 million on Thursday 4th 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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