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FOREX: Naira drops more value at the official window yesterday

T.I Ukende
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The exchange rate between the naira and the US dollar closed at N415.07/$1 at the official Investors and Exporters (I&E) window.

Naira depreciated against the US dollar on Monday to close at N415.07/$1, representing a 0.02% drop compared to N415/$1 recorded in the previous trading sessions as a drop in the country’s external reserves continues with a decline of $113 million.

However, the naira remained unchanged against the US dollar on Tuesday as it closed at N570/$1. This was the same rate that was recorded in the previous trading session. This is according to information obtained from BDC operators viewed by Newsway.

The local currency continued its slump at the official market as Forex turnover dropped by 34%.

The exchange rate at the Investors and Exporters window depreciated by 7 kobo to close at N415.07/$1 on Tuesday, compared to N415/$1 recorded at the last trading session.

The opening indicative rate closed at N413.63/$1 on Tuesday, which represents a 22 kobo gain compared to N413.85/$1 recorded in the previous trading session.

An exchange rate of N463.10/$1 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.

Forex turnover at the official window dropped by 34.04% to $149.01 million on Tuesday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window declined from $225.94 million recorded on Monday 6th December 2021 to $149.01 million on Tuesday 7th December 2021.

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