Naira dips against dollar to close at N411/$1

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Factual Pursuit of Truth for Progress

 

The exchange rate between the naira and the US dollar on Monday closed at N411.07/$1 at the official Investors and Exporters window. This represents a 0.08% loss compared to N410.75/$1 recorded on Friday.

The naira however maintained stability against the US dollar on Monday at the parallel market to close at N502 to a dollar.

There was a drop in dollar supply by 34.5% as the Central Bank of Nigeria announced an increase of forex allocation to deposit money banks for SMEs, travellers, and others, in order to boost liquidity.

At the official NAFEX window, Naira depreciated against the US dollar at the I&E window on Monday to close at N411.07/$1. This represents a 32 kobo drop as compared with the N410.75/$1 recorded the previous day.

The opening indicative rate closed at N411.08/$1 on Monday, representing a 4 kobo gain when compared with the N411.12/$1 recorded on Friday, 4th June 2021.

An exchange rate of N420.73 to a dollar was the highest rate recorded during intra-day trading before it closed at N411.07/$1, while it also sold for as low as N400/$1 during intra-day trading.

Forex turnover at the Investors and Exporters (I&E) window dropped by 34.45% on Monday, June 7, 2021.

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