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Naira Gains At Official Market As Nigeria’s External Reserve Bounces Back

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The exchange rate between the Naira and the US dollar closed at N414.30/$1, at the official Investors and Exporters window.

The Naira appreciated against the US dollar to close at N414.30/$1 on Friday 5th November 2021, representing a 0.2% gain compared to N415.10/$1 recorded at the close of trading activities on Thursday.

On the other hand, the Naira remained flat against the US dollar at the parallel market on Friday to close at N570/$1, the same as recorded at the close of trading activities on Thursday, 4th November 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

The local currency gained at the official market as the external reserve makes a rebound after 4 consecutive days of decline to close at $41.82 billion.

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.

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Trading at the official NAFEX window
The exchange rate appreciated against the US dollar on Friday, 5th November 2021, to close at N414.30/$1 compared to N415.10/$ recorded in the previous trading session. This represents an 80 kobo gain in the country’s exchange rate.

The opening indicative rate closed at N414.13/$1 on Friday. This represents a 36 kobo gain when compared to N414.49/$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 N414.30/$1, while it sold for as low as N409.61/$1 during intra-day trading. The highest rate recorded during the day has been the same in the past eight trading sessions.

Forex turnover at the official window dropped by 23.5% on Friday, November 5th 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $129.54 million recorded on Thursday 4th November 2021 to $99.14 million on Friday 5th November 2021.

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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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