Home News Naira exchanges at N415 to the dollar

Naira exchanges at N415 to the dollar

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Gauging the forex market
Gauging the forex market

Factual Pursuit of Truth for Progress

 

The exchange rate between the naira and the US dollar on Wednesday closed at N415.1/$1 at the official Investors and Exporters (I&E) window.

This is the same as recorded in the previous trading session. Meanwhile, forex turnover at the official market recorded a marginal decline of 33.5% to $215.29 million from $323.56 million recorded in the previous trading session.

On the other hand, naira gained against the US dollar on Wednesday to close at N571/$1, from an average of N575/$1 recorded in the previous day.

Nigeria’s foreign reserve reduced by 0.02% on Tuesday, 21st December to close at $40.61 billion compared to $40.62 billion recorded as of the previous day. The continuous decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.

At the official NAFEX window,the exchange rate at the Investors and Exporters window closed last at N415.1% on Wednesday, the same as recorded the previous day.

The opening indicative rate closed at N414.04/$1 on Wednesday, which represents a 7 kobo appreciation compared to N414.11/$1 recorded in the previous trading session.

An exchange rate of N444.04/$1 was the highest rate recorded during intra-day trading before it settled at N415.1/$1, while it sold for as low as N404/$1 during intra-day trading.
Forex turnover at the official window reduced marginally by 30.5% to $215.29 million on Wednesday, 21st December 2021.

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