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Naira Maintains Stability As Forex Turnover Surged By Over 300%



The exchange rate between the Nigerian currency, Naira and the U.S dollar closed at N415.1/$1, at the Investors and Exporters window, where forex is traded officially. Naira maintained N415.1/$1 for the fourth day in a row at the Investors and Exporters window.

At the parallel market, naira also closed flat at N545/$1 on Wednesday, the same as recorded on Tuesday, 16th November 2021. The exchange rate had gained massively in the previous week to N535 to a dollar from N570/$1. This is according to information obtained from BDC operators.

On the other hand, Nigeria’s foreign reserve declined by 0.06% on Tuesday, 16th November 2021 to close at $41.43 billion, representing a $23.92 million drop compared to $41.46 billion recorded as of the previous day.

Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window remained flat against the US dollar on Wednesday, 17th November 2021 to close at N415.1/$1, the same as recorded in the past three days.

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The opening indicative rate closed at N413.74/$1 on Wednesday, indicating an 81 kobo appreciation compared to N414.55/$1 recorded in the previous trading session.

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 N386/$1 during intra-day trading.

Forex turnover at the official window jumped significantly by 378% to $298.88 million on Wednesday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $62.53 million recorded on Tuesday 16th November 2021 to $298.88 million on Wednesday 17th 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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