Naira dips at official market amidst 128% rise in dollar supply

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The exchange rate between the naira the US dollar closed at N411.25/$1 at the Investors and Exporters window.

This was with the Naira depreciating against the US dollar on Friday, having lost 55 kobo to close at N411.25/$1 compared to N410.7/$1 recorded on Thursday.

The local currency fell at the official market despite the dollar supply rising significantly by 128.2%.

Meanwhile, the naira was stable at the parallel market, as it closed at N503 to a dollar. This was the same that was recorded in the previous trading session.

Also, Nigeria’s external reserve continues to plunge, as it heads to its lowest position in four years and a year-to-date decline of over $2 billion.

Naira depreciated against the US dollar at the Investors and Exporters window at Friday’s trading session to close at N411.25/$1 as against the N410.7/$1 recorded at the end of trade on Thursday. This represents a 55 kobo drop.

The opening indicative rate closed at N411.98 to a dollar on Friday, July 2, 2021, this represents a 77 kobo drop when compared to the N411.21 to a dollar that was recorded the previous trading day.
An exchange rate of N420.95 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.25/$1, while it sold for as low as N394/$1 during intra-day trading.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window rose significantly by 128.2% on Friday.

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