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Naira Stables At Official Market As Forex Supply Dips Further

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The exchange rate between the naira and the US dollar closed at N414.4/$1, at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira gained further against the US dollar on Friday 19th November 2021 to close at N414.4/$1, representing a 0.1% appreciation compared to N414.8/$1 recorded on Thursday, 18th November 2021. The rate had also gained in the previous trading session compared to N415.1/$1 recorded on Wednesday.

On the other hand, naira remained flat at the parallel market, as it closed at N546/$1, the same as recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.

Nigeria’s foreign reserve recorded a marginal decline of 0.03% on Thursday, 18th November to close at $41.41 billion compared to $41.42 billion recorded as of the previous day.

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Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window gained 0.07% to close at N414.8/$1 on Thursday, 18th November 2021 from N415.1/$1 recorded in the previous trading session.

The opening indicative rate closed at N413.55/$1 on Friday, indicating a 36 kobo depreciation compared to N413.19/$1 recorded in the previous trading session.

An exchange rate of N445.75 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.4/$1, while it sold for as low as N405/$1 during intra-day trading.

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Forex turnover at the official window dropped further by 22.8% to $69.63 million on Friday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $90.18 million recorded on Thursday 18th November 2021 to $69.63 million on Friday 19th 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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