BREAKING: Naira Gains Massively At Official Market As Dollar Drops

BREAKING: Naira Gains Massively At Official Market As Dollar Drops—The Genius Media Nigeria reports that the exchange rate between the naira and the US dollar closed at N415.10/$1 at the official Investors and Exporters (I&E) window.

This reliable platform gathered that Naira depreciated marginally against the US dollar on Friday to close at N415.10/$1. This represents a 0.01% drop when compared to the N415.07 that was recorded in the previous trading sessions as a drop in the country’s external reserves continues with a decline of $26 million.

Also, the naira depreciated against the US dollar on Friday as it closed at N575/$1. This represents a N5 drop when compared to the N570/$1 that was recorded in the previous trading session.

The local currency depreciates at the official market as the forex turnover drops significantly by 84% during Friday’s trading session.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window depreciated to close at N415.10/$1 on Wednesday, representing a 3 kobo drop when compared to the N415.07/$1 that was recorded at the last trading session.

The opening indicative rate appreciated to close at N413.69/$1 on Friday, December 10, which represents a 2 kobo gain when compared to the N413.71/$1 that was recorded in the previous trading session.

An exchange rate of N452.15/$1 was the highest rate recorded during intra-day trading before it settled at N415.10/$1, while it sold for as low as N404/$1 during intra-day trading.

Forex turnover at the official window dropped significantly by 81.4% to trade at $84.44 million on Friday.
According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window declined from $453.38 million on Thursday 9th December 2021, to $84.44 million on Friday 10th December 2021.