Connect with us

Business

Naira Gains At Official Market As External Reserves Rise Massively – See New Rate

Published

on

Naira Gains At Official Market As External Reserves Rise Massively - See New Rate

Nairahas gained at the official market as external reserves rise for the first time in over a month.

Infoexpert24 reports that the exchange rate between the naira and the US dollar closed at N414.73/$1 at the official Investors and Exporters (I&E) window

This online newspaper understands thatNaira appreciated against the US dollar on Friday to close at N414.73/$1, representing a 0.02% gain compared to N414.8/$1 recorded in the previous trading sessions as Nigeria’s external reserve increased by $69 million, the first time in over a month

Forex turnover at the official market dropped by 37.4% to $139.67 million from $223.18 million recorded in the previous day.

Advertisement

However, thenaira depreciated against the US dollar on Friday, dropping by 0.53% to close at N570/$1 as against N567/$1 that was recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Infoexpert24.

Naira Gains At Official Market As External Reserves Rise Massively - See New Rate

Naira Gains At Official Market As External Reserves Rise Massively – See New Rate

Nigeria’s foreign reserve reduced by 0.08% on Wednesday, 1st December to close at $41.15 billion compared to $41.19 billion recorded as of the previous day. The recent decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window appreciated by 7 kobo to close at N414.73/$1 on Friday, compared to N415.8/$1 recorded over the past six trading sessions.

The opening indicative rate closed at N414.06/$1 on Friday, which represents a 12 kobo depreciation compared to N413.94/$1 recorded in the previous trading session.

Advertisement

An exchange rate of N461.27/$1 was the highest rate recorded during intra-day trading before it settled at N414.73/$1, while it sold for as low as N404/$1 during intra-day trading.

Forex turnover at the official window declined by 26.2% to $103.01 million on Friday.

Facebook Comments
Advertisement
Erik ten Hag set to pay the price for Man United disastrous season [Full details]
Sports18 hours ago

Erik ten Hag set to pay the price for Man United disastrous season [Full details]

What Mikel Arteta said to Mauricio Pochettino after Arsenal thrashed Chelsea 5-0
Sports19 hours ago

What Mikel Arteta said to Mauricio Pochettino after Arsenal thrashed Chelsea 5-0

Mauricio Pochettino Fumes Over Chelsea Duo in Dressing Room 'Leak' Saga
Sports2 weeks ago

Mauricio Pochettino Fumes Over Chelsea Duo in Dressing Room ‘Leak’ Saga

Supercomputer's Latest Premier League Title Prediction Rocks Arsenal Fans
Sports2 weeks ago

Favourite to win the Premier League title emerge as supercomputer makes new prediction

'Fear' and Agitation in Chelsea Camp as Mauricio Pochettino shares Cole Palmer's injury update
Sports2 weeks ago

‘Fear’ and Agitation in Chelsea Camp as Mauricio Pochettino shares Cole Palmer’s injury update

Cristiano Ronaldo Creates Opportunity for Jose Mourinho's Next Move as Pochettino Awaits Chelsea's Decision
Sports3 weeks ago

Cristiano Ronaldo Creates Opportunity for Jose Mourinho’s Next Move as Pochettino Awaits Chelsea’s Decision

Manchester United Fumes Over Their Player's Disheartening Treatment
News4 weeks ago

Manchester United Fumes Over Their Player’s Disheartening Treatment

More Woes For Man City Ahead of Arsenal Game As Another Key Player Picks Up Injury
Sports4 weeks ago

More Woes For Man City Ahead of Arsenal Game As Another Key Player Picks Up Injury

Fraud Alert: Fidelity Bank Staff Faces Trial For Alleged Embezzlement of Customer's N2.7 Billion
Crime4 weeks ago

Fraud Alert: Fidelity Bank Staff Faces Trial For Alleged Embezzlement of Customer’s N2.7 Billion

Princess of Wales, Kate Middleton announces she has cancer [Video]
News1 month ago

Princess of Wales, Kate Middleton announces she has cancer [Video]

Arsenal's Injury Dilemma Ahead of Showdown Against Manchester City Revealed
Sports1 month ago

Arsenal’s Injury Dilemma Ahead of Showdown Against Manchester City Revealed

Former Chelsea Manager Antonio Conte Linked With A Surprise Return To Stamford Bridge Amid Mauricio Pochettino Looming Sack
Sports1 month ago

Former Chelsea Manager Linked With A Surprise Return To Stamford Bridge Amid Mauricio Pochettino Looming Sack

Top 5 Tuition-Free Universities for Nigerians Who Want To Study Abroad in 2024
Education1 month ago

Top 5 Tuition-Free Universities for Nigerians Who Want To Study Abroad in 2024

Manchester City Sweats As Their Key Player Seen Injured Ahead of Arsenal Clash
News1 month ago

Manchester City Sweats As Their Key Player Seen Injured Ahead of Arsenal Clash

News1 month ago

No Reprisal Attacks in Delta Community After Killing of Troops — Says Defence Headquarters