Naira falls at official forex window after three days of stability

The Naira exchange rate fell against the US dollar on Thursday, 21st October 2021 after three consecutive gains to close the day at N415.07 to a dollar, representing a 0.24% depreciation compared to N414.07/$1 recorded on Wednesday, 20th October 2021.

The opening indicative rate closed at N413.94/$1 on Thursday, representing a 24 kobo appreciation compared to N414.18/$1 recorded in the previous trading day. This also represents a positive movement in three consecutive trading days.

An exchange rate of N424.45 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.07/$1, while it sold for as low as N405/$1 during intra-day trading.

READ ALSO: No respite for Naira one month after Aboki FX shutdown

Data obtained from FMDQ securities showed Nigerian currency closed at the Investors and Exporters window at N415.07 to a dollar yesterday.

Thursday’s rate was a N1.00 or 0.24 percent depreciation from the N414.07 rate it exchanged on Wednesday.

This happened as Forex turnover dropped by 69.20 per cent with $103.16 million recorded on Thursday as against the $334.97million posted at the close of business in the previous session on Wednesday.

During trade, the Nigerian currency staged an intraday high of N405.00 and a low of N424.25 before closing at N415.07 to a dollar on Thursday.

Similarly, Naira fell against the American currency at the interbank segment of the market as the exchange rate closed at N410.91/$1 in contrast to N410.89/$1 it ended a day earlier, indicating a fall of 2 kobo or 0.01 per cent.

At the black-market rates remained at N570-575 according to traders at Ikeja, Lagos.

However, dealers cautioned that it might change in the following days depending on market pressure.