Naira Plunge At Parallel Market As Decline Hits Oil Prices

Nigeria’s naira depreciated marginally at the black market (parallel market), closing at N486/$1, this shows a N1 decline compared to the N485/$1 Tuesday’s trading.

Brandnewsday understands that the exchange rate of naira to the US Dollar closed at N409/$1 at the Investors and Exporters window.

The drop in Naira to the dollar at the parallel market could be traced to the Ever Given Vessel in the Sauze Canal holding up to millions of tons of oil in Egypt’s canal.

READ: Naira Closes Flat At Investors And Exporters Window, Parallel Market

Meanwhile, the naira appreciated against the US Dollar on Tuesday, 30th March 2021 gaining for the third consecutive day at the NAFEX window to close at N409 to a dollar despite very low dollar supply.

This represents a 0.03% gain, when compared to N409.13/$1 recorded on Monday, 29th March 2021.

Trading at the official NAFEX window

The naira appreciated against the US Dollar at the Investors and Exporters window on Tuesday to close at N409/$1. This represents a 13 kobo gain when compared to N409.13/$1 recorded on Monday, 29th March 2021.

The opening indicative rate closed at N409.07 to a dollar on Tuesday. This represents a 10 kobo gain when compared to the N409.17/$1 that was recorded on Monday.

Naira Plunge At Parallel Market As Decline Hits Oil Prices

Also, an exchange rate of N411 to a dollar was the highest rate recorded during intra-day trading before it closed at N409/$1. It also sold for as low as N400/$1 during intra-day trading.

Forex turnover at the Investor and Exporters (I&E) window rose by 55.4% on Tuesday, 30th March 2021.
A cursory look at the data tracked by Nairametrics from FMDQ showed that forex turnover increased from $30.84 million recorded on Monday, March 29, 2021, to $47.93 million on Tuesday.

READ: BREAKING: Ever Given Vessel Set Free As It Refloated In Suez Canal