Naira has gained massively at official market, Brand Spur Nigeria reports.
The exchange rate between the naira and the US dollar closed at N414.8/$1 at the official Investors and Exporters (I&E) window on Friday.
Brand Spur Nigeria understands that Naira appreciated against the US dollar on Thursday to close at N414.8/$1, representing a 0.07% gain compared to N415.07/$1 recorded in the previous trading sessions.
Forex turnover at the official market dropped by 37.4% to $139.67 million from $223.18 million recorded in the previous day.
Similarly, naira appreciated against the US dollar on Thursday, gaining by 0.87% to close at N567/$1 from N572/$1 that was recorded in the previous trading session.
This is according to information obtained from BDC operators across Lagos, Nigeria.
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 0.07% to close at N414.8/$1 on Thursday, compared to N415.07/$1 recorded over the past six trading sessions.
The opening indicative rate closed at N413.94/$1 on Thursday, which represents a 15 kobo depreciation compared to N413.79/$1 recorded in the previous trading session.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N414.8/$1, while it sold for as low as N404/$1 during intra-day trading.
Forex turnover at the official window decreased by 37.4% to $139.67 million on Thursday.
According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window dropped from $223.18 million recorded on Wednesday 1st December 2021 to $139.67 million on Thursday 2nd December 2021.
Disclaimer: Brand Spur Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets.
The rates you buy or sell forex may be different from what is captured in this article.