Naira exchange at N409.75 to the USD amidsts fall in external reserve

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Factual Pursuit of Truth for Progress

 

The Naira exchanged at N409.75/$1 at the Investors and Exporters window on Wednesday.

This was the same rate that was recorded on Tuesday just as there was an improvement in the dollar supply by 359.4%.

Similarly, the Naira remained stable against the US Dollar in the parallel market, to close at N485 to a dollar, the same as the rate that was recorded on the previous day.
At the official NAFEX window, the Naira remained stable against the US Dollar at the Investors and Exporters window on Wednesday to close at N409.75 to a dollar. This was the same rate on Tuesday.

The opening indicative rate closed at N409.78 to a dollar on Wednesday. This represents a 54 kobo drop when compared to N409.24/$1 recorded on Tuesday.
Also, an exchange rate of N412 to a dollar was the highest rate during intra-day trading before it closed at N409.75/$1. It also sold for as low as N390/$1 during intra-day trading.
Forex turnover at the Investor and Exporters (I&E) window dropped by 359.4% on Wednesday, 17th March 2021.

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