The exchange rate between naira and the US dollar on Wednesday closed at N412/$1 at the Investors and Exporters window.
Naira dipped further against the US dollar on Wednesday to close at N412 to a dollar representing a 0.06% decline compared to N411.75/$1 recorded on Tuesday.
At the parallel market, the naira appreciated to close at N502/$1 on Wednesday, compared to N505/$1 recorded on the previous day.
Dollar supply however declined by 23.4% from $172.24 million to $131.86 million on Wednesday.
Nigeria’s foreign reserve lost $120.18 million on Tuesday, the highest single-day loss recorded since 22nd February 2021. This brings the year-to-date loss to $1.52 billion.
At the NAFEX official window, the naira depreciated further against the US dollar at the Investors and Exporters window on Wednesday to close at N412/$1, representing a 25 kobo decline when compared to the N411.75/$1 that was recorded on Tuesday.
The opening indicative rate closed at N411.02 to a dollar on Wednesday, 16th June 2021 representing a 44 kobo appreciation when compared to the N411.46/$1 recorded on Tuesday, 15th June 2021.
Also, an exchange rate of N420.97 to a dollar was the highest rate recorded during intra-day trading, before it settled at N412/$1. It also sold for as low as N387.67/$1 during intra-day trading, the lowest recorded in two weeks.
