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.
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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.