Home News Naira slumps at official market amidst forex supply boost

Naira slumps at official market amidst forex supply boost

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Factual Pursuit of Truth for Progress

 

At the Investors and Exporters (I&E) window, the exchange rate between the naira and the US dollar closed at N415/$1.

Naira depreciated against the US dollar on Monday to close at N415/$1 which represents at 0.07% drop compared to N414.73/$1 recorded in the previous trading sessions as drop in the country’s external reserve continue with a decline of $33 million.

However, the naira remained unchanged against the US dollar on Monday as it closed at N570/$1. This was the same rate that was recorded in the previous trading session.

At the official NAFEX window,the exchange rate at the Investors and Exporters window depreciated by 27 kobo to close at N415/$1 on Monday, compared to N415.73/$1 recorded at the last trading session.

The opening indicative rate closed at N413.85/$1 on Friday, which represents a 21 kobo gain compared to N414.06/$1 recorded in the previous trading session.

An exchange rate of N459.85/$1 was the highest rate recorded during intra-day trading before it settled at N415/$1, while it sold for as low as N404/$1 during intra-day trading.

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