Business & Economy

Naira To Dollar: Naira Exchange At N528 To 1 Dollar

The naira to dollar exchange rate today has closed at N411.50/$1 at the Investors and Exporters window, where foreign exchange is traded officially.

Naira to the dollar at the parallel market, popularly known as the black market is exchanged at N528 to 1 US Dollar.

Naira depreciated against the US dollar to close at N411.50/$1 on Wednesday, representing a 42 kobo drop when compared to N411.08/$1 recorded at the close of trading on Tuesday, 31st August 2021.

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Consequently, the Naira fall was recorded low at a black market as the dollar supply drops significantly by 62% on August 31, 2021.

Also, the naira hit a new record low, depreciating against the dollar at the parallel market, as it closed at N528/$1 on Wednesday, 1st September 2021, representing an N2 drop when compared to N526/$1 recorded on the previous trading day.

The naira fell against the dollar across the forex markets with demand pressure, despite the dollar supply of $486.31 million at the official market, representing a 570.8% increase in forex liquidity.

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Naira To Dollar: Naira Exchange At N528 To1 Dollar

The local currency has been hitting new lows at the black market since the CBN decided to channel demand from the unofficial market.

Trading at the official NAFEX window
The naira depreciated against the US dollar on Wednesday, 1st September 2021 to close at N411.50 to a dollar, representing a 0.1% loss when compared to N411.08/$1 recorded on the previous trading day.

The opening indicative rate closed at N411.58/$1 on Wednesday, September 1, as against N412.04/$1 recorded on Monday, representing a 46 kobo appreciation.

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An exchange rate of N413 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.50/$1, while it sold for as low as N400/$1 during intra-day trading.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window rose significantly by 570.8% on Wednesday, 1st September 2021.

According to data from FMDQ, forex turnover increased from $72.50 million recorded on Tuesday to $486.31 million on Wednesday, 1st September 2021.

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