Crippling Economy As Naira Falls To N415/$1 At Official Market, VP Osinbajo Reacts

Crippling Economy As Naira Falls To N415/$1 At Official Market, VP Osinbajo Reacts—-The exchange rate between the naira and the US dollar closed at N415.10/$1, at the Investors and Exporters window, where forex is traded officially.

Naira depreciated against the US dollar on Wednesday to close at N415.10/$1, representing a 0.2% gain when compared to N414.30/$1 recorded on Tuesday, 12th October 2021.

Similarly, the exchange rate at the parallel market closed at N568/$1. This is according to information obtained by TGM from BDC operators in Lagos.

The local currency weakened to a record low at the official market despite about 100% increase in dollar supply after the Vice President, Yemi Osinbajo expressed concern about the current forex policy which has created a huge arbitrage in the market.

Trading at the official NAFEX window

The exchange rate depreciated against the US dollar on Wednesday, 13th October 2021 to close the day at N415.10 to a dollar, representing an 80 kobo drop, compared to N414.40/$1 recorded on Tuesday, 12th October 2021.

The opening indicative rate closed at N413.74/$1 on Wednesday, representing a 10 kobo drop when compared to N413.64/$1 recorded the previous trading day.

An exchange rate of N419 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.10/$1, while it sold for as low as N405/$1 during intra-day trading.

Meanwhile, forex turnover at the official window rose sharply by 99.9% on Wednesday, 13th October 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover increased significantly from $153.39 million recorded on Tuesday to $306.77 million on Wednesday, 13th October 2021.