The exchange rate between the naira and the US Dollar closed at N411.88/$1 at the Investors and Exporters window on Monday, March 8, 2021.
The currency depreciated again to a record low of N411.88/$1 at the NAFEX window, representing a 0.21% decline when compared to N411/$1 recorded on the previous trading day.
The Naira plunged further against the US Dollar in the parallel market to close at N482/$1 on Monday, March 8 2021. representing a N2 depreciation when compared to N480/$1 recorded on Friday, March 5, 2021.
Recall that over the weekend the Central bank announced a Naira4Dollar scheme where beneficiaries of diaspora remittances will be paid N5 for every $1 remitted via the banks.
Though still early days, traders appear to have ignored the likely effect of the policy as the scarcity of dollars on the streets of major cities in Lagos forced prices to weaken.
At the NAFEX window, the Naira depreciated against the US Dollar to a record low at the Investors and Exporters window on Monday to close at N411.88/$1. This represents an 88 kobo decline when compared to N411/$1 recorded on the previous trading day.
The opening indicative rate closed at N411.64 to a dollar on Monday. This represents an 86 kobo gain when compared to N412.5/$1 recorded on Friday.
Also, an exchange rate of N412 to a dollar was the highest rate during intra-day trading before it closed at N411.88/$1. It also sold for as low as N390/$1 during intra-day trading.
Forex turnover at the Investor and Exporters (I&E) window dropped by 61.2% on Monday, March 8, 2021.
