Monday, 20th September 2021: The exchange rate between the naira and the US dollar closed at N413.68/$1, at the official Investors and Exporters window.
Naira fell against the US dollar on Monday, to close at N413.68/$1, representing a 0.19% decline compared to N412.88/$1 recorded on Friday, 17th September 2021.
Similarly, the exchange rate at the parallel market closed at N570/$1 on Monday, representing a N10 depreciated compared to N560/$1 recorded in the previous week. This is according to information obtained from BDC operators.
Nigeria’s foreign reserve gained $88.89 million on Friday, 17th September 2021 to close at $35.46 billion, according to data from the Central Bank of Nigeria. So far in the month of September, the CBN has recorded a total reserve gain of $1.44 billion.
Trading at the official NAFEX window
Exchange rate depreciated against the US dollar on Monday 20th September 2021 to close the day at N413.68 to a dollar, representing a 0.19% drop compared to N412.88/$1 recorded in the previous trading day.
The opening indicative rate closed at N412.81/$1 on Monday, representing a 32 kobo decline when compared to N412.49/$1 recorded on Friday, 17th September 2021.
An exchange rate of N415 to a dollar was the highest rate recorded during intra-day trading before it settled at N413.68/$1, while it sold for as low as N409/$1 during intra-day trading.
Meanwhile, forex turnover at the Investors and Exporters (I&E) window decreased significantly by 60.3% on Monday, 20th September 2021.
According to data tracked from FMDQ, forex turnover depreciated from $229.79 million recorded on Friday to $91.23 million on Monday 20th September 2021.
Credit: Nairametrics
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