Naira begins new week on positive note

Naira gained further against the US dollar on Friday 19th November 2021 to close at N414.4/$1, representing a 0.1% appreciation compared to N414.8/$1 recorded on Thursday, 18th November 2021.

The rate had also gained in the previous trading session compared to N415.1/$1 recorded on Wednesday. On the other hand, naira remained flat at the parallel market, as it closed at N546/$1, the same as recorded in the previous trading session.

The opening indicative rate closed at N413.55/$1 on Friday, indicating a 36 kobo depreciation compared to N413.19/$1 recorded in the previous trading session.

READ ALSO: Naira sustains stability against dollar at official market

An exchange rate of N445.75 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.4/$1, while it sold for as low as N405/$1 during intra-day trading.

Nigeria’s foreign reserve dropped marginally by 0.03% to close at $41.41 billion as of Thursday, 18th November 2021 compared to $41.42 billion recorded as of the previous day. The decline can be attributed to the continuous intervention of the apex bank in ensuring the stability of the exchange rate.

A move that has seen the rate at the parallel market drop from N575/$1 to about N546/$1.

Meanwhile, the nation’s foreign reserve had gained $5.04 billion in the month of October, as a result of the $4 billion raised by the federal government from the issuance of Eurobond in the international debt market.

The gains recorded in the previous month is higher than the $2.76 billion gain recorded in the month of September 2021. Meanwhile, Nigeria’s reserve has declined by $414.87 million so far in the month of November. On a year-to-date basis, the reserves have gained $6.03 billion.