Naira exchanges at N400 to the dollar for second day

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Factual Pursuit of Truth for Progress

 

By Francis Ogwo

The exchange rate between the Naira and the US Dollar closed at N400 to the dollar at the Investors and Exporters window on Wednesday.

There was an increase in forex turnover by 55.8% from $50.74 million recorded on Wednesday 10th February 2021 to stand at $79.07 million on Thursday.

At the parallel market, the Naira also strengthened against the US Dollar to close at N470/$1 compared to N472/$1 recorded on the previous day.

At the official NAFEX window, the exchange rate between the naira and dollar at the Investors and Exporters (I&E) window closed at N400/$1 on Thursday.

The opening indicative rate was N401.75/$1 to a dollar on Thursday, 0.18% depreciation compared to N401.04/$1 recorded the previous day.

At intra day trading, the dollar sold for as high as N422.59 to a dollar while the highest recorded year-to-date before retreating to close at N400 to a dollar.

It also sold for as low as N380.35/$1 during intra-day trading.

Forex turnover increased by 55.8% at the Investor and Exporters (I&E) window to stand at $79.07 million from $50.74 million recorded on Wednesday.

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