Naira appreciates at official forex market despite dollar shortage

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The exchange rate between the naira and the US dollar closed at N411.5/$1 at the official Investors and Exporters window on Friday.

The country’s currency appreciated against the US dollar on Friday from N411.63/$1, which was recorded on Thursday to N411.5/$1, representing a 0.03% gain. This implies a 0.27% depreciation for the week compared to N410.38/$1 recorded at the close of the week.

Similarly, the naira depreciated against the US dollar at the parallel market on Friday closing at N504/$1 compared to N503/$1 recorded on Thursday.
In the meantime, Nigeria external reserve received a boost of $53.46 million on 19th July 2021 to close at $33.17 billion.
At the official NAFEX window, the naira appreciated against the US dollar at the Investors and Exporters window on Friday to close at N411.5/$1 from N411.63/$1 recorded at the end of trade on Thursday.

The opening indicative rate also appreciated from N411.57/$1 recorded on Thursday to close at N411.21/$1 on Friday.

An exchange rate of N412.25 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.5/$1, while it sold for as low as N400/$1 during intra-day trading.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window declined marginally by 1.9% on Friday.

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