Naira closes at N411.08/$1 at official forex market

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The exchange rate between the naira and the US dollar on Monday closed at N411.08/$1 at the official forex market. This represents a 0.09% gain compared to N411.67 to a dollar recorded on Friday.

On the other hand, the exchange rate at the parallel market depreciated by 0.4% to close at N502/$1 compared to N500/$1 recorded the previous day. Also, Nigeria’s forex reserve continues to plunge as it dipped about $27.29 million on Friday.

At the official NAFEX window, the naira remained appreciated against the US dollar at the Investors and Exporters window on Monday to close at N411.28/$1 from N411.67/$1 recorded at the end of the previous week.

The opening indicative rate appreciated by 47 kobo to close at N411.08 to a dollar on Monday, as against N411.55/$1 recorded on Friday, 25th June 2021.

An exchange rate of N420.9 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.28/$1, while it sold for as low as 400/$1 during intra-day trading.

Forex turnover at the Investors and Exporters (I&E) window declined by 12.3% on Monday.

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Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

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