Naira dips at official market to close at N414.3/$1

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Factual Pursuit of Truth for Progress

 

On Tuesday,the exchange rate between the naira and the US dollar closed at N414.3/$1, at the Investors and Exporters window, where forex is traded officially.

The Naira depreciated further against the US dollar on Tuesday, to close at N414.3/$1, representing a 0.18% fall compared to N413.55/$1 recorded on Monday .

In the meantime, the exchange rate at the parallel market gained 0.35% to close at N575/$1 on Tuesday from N577/$1 recorded in the previous week.

The crude oil market extended its gains as Brent crude price closed at $82.56 per barrel on Tuesday amid OPEC+ decision to maintain production quota.

Similarly, Nigeria’s foreign reserve gained a record high of $785.84 million on Monday to close at $37.57 billion, hitting its highest level in 20 months. This is according to data from the Central Bank of Nigeria.

At the official NAFEX window,the exchange rate fell against the US dollar on Tuesday to close the day at N414.3 to a dollar, representing a 0.18% depreciation compared to N413.55/$1 recorded on Monday.

The opening indicative rate closed at N414.03/$1 on Tuesday, representing a 32 kobo depreciation compared to N413.71/$1 recorded in the previous trading day.

An exchange rate of N415.2 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.3/$1, while it sold for as low as N404/$1 during intra-day trading, the same as the previous trading day.

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