Thursday, 16th September 2021: The exchange rate between the naira and the US dollar closed at N413.07/$1, at the official Investors and Exporters window.
Naira fell against the US dollar on Thursday, to close at N413.07/$1, representing a 0.25% depreciation compared to N412.06/$1 recorded on Wednesday, 15th September 2021.
On the other hand, the exchange rate at the parallel market gained marginally on Thursday to close at N560/$1 compared to N562/$1 recorded in the previous trading session. This is according to information obtained from Bureau De Change operators.
Nigeria’s foreign reserves recorded a further boost of $82.22 million on Wednesday, 15th September to close at $35.27 billion, compared to $35.19 billion recorded on Tuesday, 14th September 2021. The reserve position has now gained $1.25 billion so far in the month of September 2021.
Trading at the official NAFEX window
The exchange rate depreciated against the US dollar on Thursday, 15th September 2021 to close at N413.07 to a dollar, representing a 0.25% fall when compared to N412.06/$1 recorded in the previous trading day.
The opening indicative rate closed at N412.64/$1, representing an 18 kobo depreciation compared to N412.146/$1 recorded on Wednesday, 15th September 2021.
An exchange rate of N413 to a dollar was the highest rate recorded during intra-day trading before it settled at N413.07/$1, while it sold for as low as N404/$1 during intra-day trading.
Meanwhile, forex turnover at the Investors and Exporters (I&E) window reduced significantly by 58.9% on Thursday, 16th September 2021.
According to data tracked by Nairametrics from FMDQ, forex turnover dropped from $308.92 million recorded on Wednesday to $126.96 million on Thursday 16th September 2021.
Credit: Nairametrics
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