Naira goes weaker against the dollar at N410 exchange rate

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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