The value of the naira has crumbled against the dollar to close at N411.63/$1, which is a three-month record low, at the Investors and Exporters window on Tuesday.
This represented a 0.59% drop when compared to N409.2 recorded on the previous trading day.
In the meantime, the naira appreciated against the dollar to close at N480/$1 on Tuesday, March 2, 2021. This meant a N2 gain as compared with the N482/$1 that it closed on the previous trading day.
Despite that forex turnover at the Investor and Exporters (I&E) window rose by 142.7% from $24.38 million recorded on Friday to $59.17 million on Tuesday, March 2, 2021, the dollar supply still remains low.
At the official NAFEX window, the Naira depreciated against the US Dollar at the Investors and Exporters window on Tuesday to close at N411.63/$1. This represents a N2.43 drop when compared to N409.2 recorded on the previous trading day.
The opening indicative rate closed at N410.11 to a dollar on Tuesday. This represents an 81kobo drop when compared to N409.3/$1 recorded on Monday.
Also, an exchange rate of N415 to a dollar was the highest rate during intra-day trading before it closed at N411.63/$1. It also sold for as low as N388.25/$1 during intra-day trading.
Forex turnover at the Investor and Exporters (I&E) window rose by 142.7% on Tuesday, March 2, 2021.
