Naira falls at official forex market

The exchange rate between the naira and the US dollar fell to N411.75/$1 at the Investors and Exporters window, where forex is traded officially.

Naira fell against the US dollar on Wednesday to close at N411.75/$1, representing a 0.06% depreciation compared to N411.5/$1 recorded in the previous trading session. This also represents the lowest rate in over a month at the official window.

In the same vein, naira depreciated at the parallel market to close at N517/$1 on Wednesday. This represents a 0.39% depreciation compared to N515/$1 recorded on Tuesday, 17th August 2021.

Meanwhile, the minister of finance, Zainab Ahmed hinted that the latest policy by the Central Bank of Nigeria is pushing the local currency towards a unified exchange rate. She made this known in an interactive session on the Medium Term Expenditure Framework (MTEF) organised by the House of Representatives Committee on Finance.

Naira depreciated against the US dollar at the Investors and Exporters window on Wednesday to close at N411.75/$1 from N411.5/$1 recorded at the end of trade on Tuesday, 17th August 2021.

The opening indicative rate closed at N411.39/$1 which is a marginal decline compared to N411.38$1 recorded in the previous trading session.

An exchange rate of N412 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.75/$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 increased marginally by 0.2% on Wednesday, 18th August 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover increased from $113.17 million recorded on Tuesday, 17th August 2021 to $113.38 million on Wednesday, 18th August 2021.