Naira depreciated lower against the US dollar on Friday, to close at N414.90/$1.
This represents a 0.29% drop when compared to N413.68/$1 recorded on Thursday.
At the meantime, the exchange rate at the parallel market closed at N575/$1 on Friday.
The local currency dropped to a record rate at the official market as demand pressure hit the forex market despite a 10% improvement in dollar supply.
Activities of currency speculators and forex scarcity continue to hit the foreign exchange market as deposit money banks start to comply with the CBN directive to publish the names, BVN and account numbers of forex defaulters.
At the official NAFEX window, the exchange rate fell significantly against the US dollar on Friday, 24th September 2021 to close the day at N414.90 to a dollar, representing a N1.22 drop when compared to N413.68/$1 recorded on Thursday,.
The opening indicative rate closed at N413.14/$1 on Friday, representing a 2 kobo drop when compared to N413.12/$1 recorded on Thursday.
An exchange rate of N415.20 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.90/$1, while it sold for as low as N400/$1 during intra-day trading, the same as the previous day.
Meanwhile, forex turnover at the official window rose by 10.08% on Friday, 24th September 2021.
According to reports, forex turnover increased from $175.86 million recorded on Thursday to $193.59 million on Friday.
