Naira appreciates at official market to close at N410 to the dollar

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On Friday, the exchange rate at the Official Investors and Exporters window between the naira and the US dollar closed at N410.80/$1.

However, the naira still remained stable at the parallel market to close at N515/$1 on Friday, August 13, 2021. This was the same rate that it traded the previous day.

The local currency closed the week stronger at the official market as it recorded its biggest gain in about a month despite falling at the black market during the week. Dollar supply dropped by 27.8% on Friday.

At the official I&E window, the Naira appreciated against the US dollar at the Investors and Exporters window on Friday to close at N410.80/$1. This represents an 87 kobo gain when compared to the N411.67/$1 that was recorded on Thursday, August 12, 2021.

The opening indicative rate closed at N411.27/$1 on Friday, 13th August 2021, representing a 56 kobo gain when compared to the N411.83/$1 that it closed at on Thursday, 12th August 2021.

An exchange rate of N412.50 to a dollar was the highest rate recorded during intra-day trading, before it settled at N410.80/$1, while it sold for as low as N400/$1 during intra-day trading.

In the meantime, forex turnover at the Investors and Exporters (I&E) window dropped by 27.8% on Friday.

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