Forex: Naira maintains stability across markets amid rise in external reserve 

0
29
Factual Pursuit of Truth for Progress

 

By Francis Ogwo

The Naira had on Friday maintained stability against the dollar at the Investors and Exporters (I&E) window closing at N394.67/$1.

This figure was same as recorded on January 14, 2021.

In the same vein, the exchange rate at the black market where forex traded unofficially was stable at N475/$1.

The exchange rate at the parallel market closed at N475/$1 on the previous trading day of January 14, 2021. This is as Nigeria’s external reserve continues to experience a steady rise.

The difference in exchange rate between the parallel market and the official market is about N80.33, representing a 16.9% devaluation differential.

At NAFEX, the Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N394.67/$1, the same rate with which it closed on the previous trading day.

The opening indicative rate was N393.12 to a dollar on Friday, representing a 44 kobo drop when compared to the N392.68 that was recorded on Thursday, January 14, 2021.

The N414.76/$1 was the highest rate during intra-day trading before it closed at N394.67 to a dollar. It also sold for as low as N389/$1 during intra-day trading.

Forex turnover at the Investor and Exporters (I&E) window declined by 81.3% on Friday, January 15, 2021.

LEAVE A REPLY

Please enter your comment!
Please enter your name here