Wednesday, December 8, 2021

Exchange rate gains at official market as forex turnover rises by 165.8%

Friday, 15th October 2021: The exchange rate between the naira and the US dollar closed at N415.07/$1, at the Investors and Exporters window, where forex is traded officially.

Naira appreciated significantly against the US dollar on Friday, after enduring a huge fall to N422.07/$1 on Thursday, 14th October 2021. The exchange rate gained 1.66% to close the week at N415.07/$1.

On the other hand, the exchange rate at the parallel market fell on Thursday to close at N573.5/$1 compared to N572/$1 recorded in the previous day, representing a depreciation of 0.09%.  This is according to information obtained by Nairametrics from BDC operators in Lagos.

Meanwhile, Nigeria’s foreign reserve recorded a boost of $200.21 million on Thursday, 14th October 2021 to close at $39.62 billion compared to $39.42 billion recorded as of the previous day. Nigeria’s current reserve level represents the highest since December 2019.

Trading at the official NAFEX window

The exchange rate appreciated against the US dollar on Friday, 15th October 2021 to close the day at N415.07 to a dollar, representing a 1.66% gain compared to N422.07/$1 recorded on Thursday, 14th October 2021.

The opening indicative rate closed at N415.09/$1 on Friday, representing a N1.59 kobo fall compared to N414.5/$1 recorded in the previous trading day.

An exchange rate of N435.3 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.07/$1, while it sold for as low as N404/$1 during intra-day trading, the same as recorded in the previous trading day.

Meanwhile, forex turnover at the official window surged by 165.8% on Friday, 15th October 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover rose from $141.94 million recorded on Thursday to $377.28 million on Friday 15th October 2021.

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