Naira exchanged at N409.8 to the USD as oil price crashes to $60/b

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Factual Pursuit of Truth for Progress

 

On Tuesday, the naira and the US Dollar exchanged at N409.8/$1 at the I&E window with oil crashing to $60 per barrel.

This represents a 0.08% gain when compared to N410.13 recorded in the previous day.

In the meantime, the exchange rate remained stable at the parallel market to close at N486/$1, the same as the figure on Monday, March 22, 2021.

The gain in the Investors and Exporters window came after the Governor of the apex bank reiterated that the CBN does not practice a floating exchange rate, rather it practices a managed float exchange rate.

He said this while responding to questions relating to a Bloomberg report, suggesting that the Central Bank is adopting a new floating exchange policy.

At the NAFEX window, the Naira appreciated against the US Dollar at the Investors and Exporters window on Tuesday to close at N409.8/$1.

This represents a 33 kobo gain when compared to N410.13/$1 recorded on Monday, March 22, 2021.

The opening indicative rate closed at N409.78 to a dollar on Tuesday. This represents a N0.92k gain when compared to N410.7/$1 recorded on Monday.

Also, an exchange rate of N412 to a dollar was the highest rate recorded during intra-day trading before it closed at N409.8/$1. It also sold for as low as N393/$1 during intra-day trading.

Forex turnover at the Investor and Exporters (I&E) window increased by 27.9% on Tuesday, March 23, 2021.

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