Naira at N411/$1 amidst rise in oil price to $70

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Factual Pursuit of Truth for Progress

The Naira and the US Dollar exchanged at N411/$1 at the Investors and Exporters window.

This represents a 1.11% decline as compared to N406.5/$1 recorded on the previous day.

In the meantime, the naira maintained stability against the dollar in the parallel market to close at N480/$1 on Friday.

This figure was the same rate that it closed on the previous trading day.

The forex turnover increased by 25.3% on Friday to stand at $83.93 million compared to $66.99 million recorded on Thursday, while crude oil prices are edging closer to the predicted $70 per barrel in the global oil market.

At the Investors and Exporters window on Friday, the Naira depreciated against the US Dollar to close at N411/$1 representing a N4.5 loss when compared to N406.5 recorded on the previous trading day.

The opening indicative rate closed at N412.5/$1 on Friday. This represents a N1.4 drop when compared to N411.1/$1 recorded on Thursday.

Also, an exchange rate of N415 to a dollar was the highest rate during intra-day trading before it closed at N411/$1. It also sold for as low as N392.5/$1 during intra-day trading.

Forex turnover at the Investor and Exporters (I&E) window rose by 25.3% on Friday, March 5, 2021.

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