Naira maintains N409 exchange rate to $1 for second day

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Factual Pursuit of Truth for Progress

 

By Francis Ogwo

The naira after dropping to N409.67 on exchange to the dollar has remained stable closing at N409.67/$1 at the NAFEX (I&E Window).

The currency remained stable against the dollar at the Investors and Exporters (I&E) window on Tuesday, closing at N409.67/$1.

On Tuesday, the exchange rate between the naira and the dollar remained stable closing at N409.67/$1 at the NAFEX (I&E Window) where forex is traded officially. This is as the dollar supply rose slightly by 8%.

Naira closed against the US Dollar at N409.67/$1, this was the same rate that it closed on Monday, 15th February 2021. This also represents the sixth straight trading day Naira closed in the N400/$1 region.

At the parallel market where forex is traded unofficially, the naira remained stable closing at N473/$1 on Tuesday, February 16. This was the same rate that it closed on the previous trading day.

According to data from the Central Bank of Nigeria, the country’s external reserves lost $124 million in 3 days as it fell to $35.633 billion as of February 15, 2021, from $35.757 billion as of February 12, 2021, according to data from CBN.

The Naira remained stable against the dollar at the Investors and Exporters (I&E) window on Tuesday, closing at N409.67/$1. This was the same rate that it closed on the previous trading day.

The opening indicative rate closed at N406.54 to a dollar on Tuesday. This represents a N1.41 drop when compared to N405.13 to a dollar that was recorded the previous trading day on Monday, February 15, 2021.

An exchange rate of N410 to a dollar was the highest rate during intra-day trading before it closed at N409.67 to a dollar. It also sold for as low as N390/$1 during intra-day trading.

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