Naira plunges deeper to N409 to $1 

Factual Pursuit of Truth for Progress


By Francis Ogwo

The naira depreciated further to the dollar closing at N409.67/$1 at the NAFEX (I&E Window) on Monday even as the dollar supply dropped by 71%.

Naira closed against the US Dollar at N409.67/$1, representing a 1.24% drop when compared to N404.67/$1 recorded at the close of trade on Friday.

This also represents the fifth straight trading day Naira closed in the N400/$1 region.

The official exchange rate at the NAFEX (I&E) Window has now closed above N400/$1 for 5 days consecutively the first time ever, confirming yet again that the official exchange rate has crossed the N400/$1 ceiling.

The naira remained stable at the parallel market closing at N473/$1 on Monday. This was the same rate that it closed on the previous trading day.

In the same vein, Nigeria’s external reserves lost $312.5 million in 7 days as it fell to $35.804 billion as of February 11, 2021, from $36.116 billion as of February 3, 2021.

The Naira dropped against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N409.67/$1.

This represents a N5 drop when compared to the N404.67/$1 that it closed on the previous trading day.

The opening indicative rate closed at N405.13 to a dollar on Monday. This represents a N3.50 drop when compared to N401.63 to a dollar that was recorded the previous trading day on Friday.


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