Naira goes weaker against the dollar at N410 exchange rate

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Factual Pursuit of Truth for Progress

The exchange rate between the Naira and the US Dollar on Friday closed at N410/$1 at the NAFEX window, where forex is traded officially.

Naira closed against the US Dollar at N410/$1, representing a 0.54% drop compared to N407.8/$1 recorded on Thursday.

This makes it the second time in the week that the exchange rate has closed at N410/$1 and the ninth consecutive trading day it closed over N400/$1.

Also, Naira depreciated at the parallel market to close at N478/$1 on Friday. This represents a N1 shortfall compared to N477/$1 recorded on the previous day.

At the NAFEX window, the Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N410/$1 for the second time in the week. This represents a N2.2 drop when compared with the N407.8/$1 that it closed on the previous trading day.

The opening indicative rate closed at N407.61 to a dollar on Friday. This represents a 48 kobo drop when compared to N407.13 to a dollar that was recorded the previous trading day on Thursday.
An exchange rate of N424.15 to a dollar was the highest rate during intra-day trading before it closed at N410/$1. It also sold for as low as N390/$1 during intra-day trading.

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