Tuesday, 5th October 2021: The exchange rate between the naira and the US dollar closed at N414.3/$1, at the Investors and Exporters window, where forex is traded officially.
Naira depreciated further against the US dollar on Tuesday, to close at N414.3/$1, representing a 0.18% fall compared to N413.55/$1 recorded on Monday 4th October 2021.
Meanwhile, the exchange rate at the parallel market gained 0.35% to close at N575/$1 on Tuesday from N577/$1 recorded in the previous week. This is according to information obtained by from BDC operators in Lagos.
The crude oil market extended its gains as Brent crude price closed at $82.56 per barrel on Tuesday amid OPEC+ decision to maintain production quota.
In the same vein, Nigeria’s foreign reserve gained a record high of $785.84 million on Monday, 4th October 2021 to close at $37.57 billion, hitting its highest level in 20 months. This is according to data from the Central Bank of Nigeria.
Trading at the official NAFEX window
The exchange rate fell against the US dollar on Tuesday, 5th October 2021 to close the day at N414.3 to a dollar, representing a 0.18% depreciation compared to N413.55/$1 recorded on Monday, 4th October 2021.
The opening indicative rate closed at N414.03/$1 on Tuesday, representing a 32 kobo depreciation compared to N413.71/$1 recorded in the previous trading day.
An exchange rate of N415.2 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.3/$1, while it sold for as low as N404/$1 during intra-day trading, the same as the previous trading day.
Meanwhile, forex turnover at the official window grew by 12.2% on Tuesday, 5th October 2021.
According to data tracked by Nairametrics from the FMDQ, forex turnover increased from $108.83 million recorded on Monday to $122.15 million on Tuesday 5th October 2021.
Credit: Nairametrics
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