Exchange rate gains further at official market despite fall in forex supply

GoldenNewsNg gathered that the exchange rate between the naira and the US dollar closed at N414.73/$1, at the Investors and Exporters window, where forex is traded officially.

Naira appreciated further against the US dollar to close at N414.73/$1 on Monday, 18th October 2021. The exchange rate gained marginally by 0.08% from N415.07/$1 recorded on Friday.

In the same vein, naira gained 0.09% to N572/$1  compared to N573.5/$1 recorded as of the close of trade on Friday, 15th October 2021. This is according to information obtained  from BDC operators in Lagos.

Meanwhile, Nigeria’s foreign reserve recorded a further boost of $199.24 million on Friday, 15th October 2021 to close at $39.82 billion compared to $39.62 billion recorded as of the previous day. The reserve position has gained $3.04 billion so far in the month of October.

Trading at the official NAFEX window

The exchange rate depreciated against the US dollar on Monday, 18th October 2021 to close the day at N414.73 to a dollar, representing a 0.08% gain compared to N415.07/$1 recorded on Friday, 15th October 2021.

The opening indicative rate closed at N414.46/$1 on Monday, representing a 63 kobo appreciation compared to N415.09/$1 recorded in the previous trading day.

An exchange rate of N425 to a dollar was the highest rate recorded during intra-day trading before it settled at N435.3/$1, while it sold for as low as N405/$1 during intra-day trading.

Meanwhile, forex turnover at the official window declined by 54.4% on Monday, 18th October 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover dropped from $377.28 million recorded on Friday to $172 million on Monday 18th October 2021.