Naira remains flat at official market

The exchange rate between the naira and the US dollar remained stable at the weekend, closing at N415.07/$1 at the Investors and Exporters window, where forex is traded officially.

The opening indicative rate closed at N414.10/$1 on Friday, representing a 16 kobo drop when compared to N413.94/$1 recorded in the previous trading day.

An exchange rate of N429 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 N404/$1 during intra-day trading.

Also, at the parallel market, it closed against the US dollar at N574/$1, representing a 0.17% gain when compared to the N575/$1 that was recorded as of the close of trading activities on Thursday, 21st October 2021.

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The local currency remained flat at the official market as dollar supply rose significantly by 134%.

Meanwhile, the International Monetary Fund (IMF) has attributed the decline in diaspora remittances into Nigeria to the uncertainty in the country’s foreign exchange market.

Nigeria’s foreign reserve closed at $40.76 billion on Wednesday, 20th October 2021, representing a $377.04 million boost in the reserve position. The nation’s foreign reserve increased by 0.93% on Wednesday from $40.39 billion recorded as of the previous day.

Nigeria’s foreign reserve gained $195 million on Thursday, 21st October 2021 to close at $40.958 billion compared to $40.763 billion recorded as of the previous day. The latest increase represents a 0.48% increase in the country’s foreign reserve position.

The nation’s foreign reserve has gained $4.18 billion so far in October, on the back of the $4 billion raised by the federal government from the issuance of Eurobond in the international debt market.

The gains recorded so far in the month is higher than the $2.76 billion gain recorded in the month of September 2021, while the recent increase puts the year-to-date gain at approximately $5.59 billion.