Naira dips amidst 153% drop in dollar supply

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Factual Pursuit of Truth for Progress

The value of the Naira against the US dollar closed at N411.83/$1 on Thursday at the official Investors and Exporters window.

Naira depreciated against the US dollar on Thursday to close at N411.83 to a dollar, representing a 0.21% drop compared to N410.95/$1 recorded on Wednesday.

The Naira however continued to maintain stability against the US dollar on Thursday at the parallel market to close at N502 to a dollar. This was the same rate that was recorded on Wednesday.

The dollar supply to the Forex market dropped significantly by 152.5% as demand pressure and speculation persist.

At the official I&E window, Naira depreciated against the US dollar on Thursday to close at N411.83/$1. This represents an 88 kobo drop when compared with the N410.95/$1 recorded the previous day.

The opening indicative rate closed at N410.79/$1 on Thursday, representing a 36 kobo gain when compared with the N411.15/$1 recorded on Wednesday.

An exchange rate of N420.77 to a dollar was the highest rate recorded during intra-day trading before it closed at N410.95/$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 significantly by 152.5% on Thursday.

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