Tuesday, April 13, 2021

Naira Begins Week At N411/$1 As Oil Price Surges To $70

The exchange rate between the naira and the US Dollar closed at N411/$1 at the Investors and Exporters window, where forex is traded officially.

Naira depreciated against the US Dollar on Friday as it closed at N411 to a dollar at the NAFEX window, representing a 1.11% decline when compared to N406.5/$1 recorded on the previous day.

Meanwhile, the naira remained stable against the dollar in the parallel market to close at N480/$1 on Friday, March 5, 2021. This was the same rate that it closed on the previous trading day (Thursday).

Forex turnover, however, increased by 25.3% on Friday to stand at $83.93 million compared to $66.99 million recorded on Thursday, while crude oil prices are edging closer to the predicted $70 per barrel in the global oil market.

Trading at the official NAFEX window

The Naira depreciated against the US Dollar at the Investors and Exporters window on Friday to close at N411/$1. This represents a N4.5 loss when compared to N406.5 recorded on the previous trading day.

  • The opening indicative rate closed at N412.5/$1 on Friday. This represents a N1.4 drop when compared to N411.1/$1 recorded on Thursday.
  • Also, an exchange rate of N415 to a dollar was the highest rate during intra-day trading before it closed at N411/$1. It also sold for as low as N392.5/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window rose by 25.3% on Friday, March 5, 2021.
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