Business & Economy

BREAKING: Naira Falls Heavily At Official Market As Forex Surges By 74%

Nigeria’s Naira Falls Massive, on Tuesday At the Official Market As Forex turnover Surges By 74% Brand News Day Nigeria reports.

Monday, 8th November 2021: The exchange rate between the naira and the US dollar closed at N414.55/$1, at the Investors and Exporters window, where forex is traded officially. Naira depreciated against the US dollar to close at N414.55/$1 on Monday 8th November 2021, representing a 0.06% decline compared to N414.3/$1 recorded at the close of trading activities on Friday, 5th November 2021.

On the other hand, the naira remained flat against the US dollar at the parallel market on Monday to close at N570/$1, the same as recorded at the close of trading activities on Wednesday, 3rd November 2021. The exchange rate has remained flat at N570/$1 since 1st November 2021. This is according to information obtained by Brand News Day Nigeria from BDC operators in Lagos.

BREAKING: Naira Falls Heavily At Official Market As Forex Surges By 74%

Nigeria’s foreign reserve continued on a decline on Friday, 5th November 2021 with a 0.06% drop to close at $41.7 billion. This represents a $24.34 million decline compared to $41.73 billion recorded as of Thursday, 4th November 2021.

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Trading at the official NAFEX window

The exchange rate depreciated against the US dollar on Monday, 8th November 2021, to close at N414.55/$1 compared to N414.3/$ recorded in the previous trading session. This represents a 0.06% decline in the country’s exchange rate.

The opening indicative rate closed at N414.01/$1 on Monday. This represents a 12 kobo appreciation compared to N414.13/$1 recorded in the previous trading session.

READ: Bad governance: Recreating Nigeria To Avert Collapse

READ: Dollar To Naira Black Market Exchange Rate Today 9 November 2021

An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.55/$1, while it sold for as low as N404/$1 during intra-day trading. The highest rate recorded during the day has been the same in the past ten trading sessions.

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Forex turnover at the official window surged by 73.7% to $172.25 million on Monday. According to data obtained from FMDQ, forex turnover at the I&E window increased from $99.14 million recorded on Friday 5th November 2021 to $172.25 million on Monday 8th November 2021.

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