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Naira Improves At Official Window ,Falls At Parallel Market

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Naira appreciated against the US dollar on Tuesday with a 0.07% gain to close at N414.8/$1 compared to N415.07/$1 recorded on Monday, 22nd November 2021.

In the same vein, forex turnover at the official window increased by 86.8% to $279.37 million.

Meanwhile, naira fell significantly at the parallel market, as it closed at N559/$1, representing a 2.38% depreciation compared to N546/$1 recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.

Nigeria’s foreign reserve dropped yet again by 0.04% on Monday, 22nd November to close at $41.37 billion compared to $41.39 billion recorded as of the previous day.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window appreciated on Tuesday by 0.07% to close at N414.8/$1 from N415.07/$1 recorded at the close of the previous day.

The opening indicative rate closed at N413.79/$1 on Tuesday, which represents a 26 kobo depreciation compared to N413.53/$1 recorded in the previous trading session.

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An exchange rate of N450.5 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.8/$1, while it sold for as low as N404/$1 during intra-day trading.

Forex turnover at the official window increased significantly by 86.8% to $279.37 million on Tuesday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $149.53 million recorded on Monday 22nd November 2021 to $279.37 million on Tuesday 23rd 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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