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

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Factual Pursuit of Truth for Progress

 

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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