Naira falls against the dollar to close at N411.75/$

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Factual Pursuit of Truth for Progress

 

On Tuesday,the exchange rate between the naira and the US dollar closed at N411.75/$1 at the official Investors and Exporters window.This represents a 0.06% decline compared to N411.5/$1 recorded on Monday.

At the parallel market, the naira remained stable at N505/$1, the same as recorded since Friday, 9th July 2021. On the other hand, Nigeria’s external reserve dipped $11.79 million on Monday, 12th July 2021 to close at $33.09 billion.

Also,at the official NAFEX window,Naira depreciated against the US dollar at the Investors and Exporters window on Tuesday to close at N411.75/$1 from N411.5/$1 recorded on Monday.

However, the opening indicative rate depreciated from N411.25/$1 recorded on Monday to close at N411.52/$1 on Tuesday.

An exchange rate of N412.5 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.75/$1, while it sold for as low as N400/$1 during intra-day trading.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window reduced by 34.8% on Tuesday.

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