Naira Falls Against U.S Dollar At Official Market As Forex Turnover Surges

The Nigerian currency, Naira value fell to the U.S dollar after Monday trading activities at the Investors and Exporters segment of the foreign exchange (forex) market.

Infoexpert24 reports that according to data from the FMDQ securities exchange where Naira is officially traded showed that Naira depreciated by 25 kobo representing a 0.06% decline compared to N414.3/$1 recorded at the close of trading activities on Friday, 5th November 2021.

On the other hand, the Naira remained flat against the US dollar at the black market on Monday to close at N570/$1, the same as recorded at the close of trading activities on Wednesday, 3rd November 2021. The exchange rate has remained flat at N570/$1 since 1st November 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

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Nigeria’s foreign reserve continued on a decline on Friday, 5th November 2021 with a 0.06% drop to close at $41.7 billion. This represents a $24.34 million decline compared to $41.73 billion recorded as of Thursday, 4th November 2021.

Naira

Trading at the official NAFEX window

The exchange rate depreciated against the US dollar on Monday, 8th November 2021, to close at N414.55/$1 compared to N414.3/$ recorded in the previous trading session. This represents a 0.06% decline in the country’s exchange rate.

The opening indicative rate closed at N414.01/$1 on Monday. This represents a 12 kobo appreciation compared to N414.13/$1 recorded in the previous trading session.

An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.55/$1, while it sold for as low as N404/$1 during intra-day trading. The highest rate recorded during the day has been the same in the past ten trading sessions.

Infoexpert24 reports that Forex turnover at the official window surged by 73.7% to $172.25 million on Monday. According to data from FMDQ, forex turnover at the I&E window increased from $99.14 million recorded on Friday 5th November 2021 to $172.25 million on Monday 8th November 2021.