Naira gains marginally at official market as foreign reserve gains $1.81 billion

Wednesday, 22nd September 2021: The exchange rate between the naira and the US dollar closed at N413.18/$1, at the official Investors and Exporters window.

Naira gained marginally against the US dollar on Wednesday, to close at N413.18/$1, representing a 0.02% appreciation compared to N413.28/$1 recorded on Tuesday 21st September 2021. The exchange rate has now maintained an average of N413.38/$1 between Monday and Wednesday.

Similarly, the exchange rate at the parallel market also appreciated to N572/$1 on Wednesday from N575/$1 recorded a day before. This is according to information obtained from licenced BDC operators in Lagos.

Nigeria’s foreign reserve also gained $89.44 million on Tuesday, 21st September 2021 to close at $35.83 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 $1.81 billion.

Trading at the official NAFEX window

The exchange rate recorded a marginal gain against the US dollar on Wednesday 22nd September 2021 to close the day at N413.18 to a dollar, representing a 0.02% appreciation compared to N413.28/$1 recorded in the previous trading day.

The opening indicative rate closed at N412.89/$1 on Wednesday, representing a 32 kobo appreciation when compared to N413.21/$1 recorded on Tuesday, 21st September 2021.

An exchange rate of N415.2 to a dollar was the highest rate recorded during intra-day trading before it settled at N413.18/$1, while it sold for as low as N404/$1 during intra-day trading, the same as the previous day.

Meanwhile, forex turnover at the official window increased by 14.5% on Wednesday, 22nd September 2021.

According to data tracked from FMDQ, forex turnover increased from $200.65 million recorded on Tuesday to $229.72 million on Wednesday 22nd September 2021.

Credit: Nairametrics