On the other hand, the naira depreciated marginally by 0.17% to N573/$1 on Wednesday, 20th October 2021 compared to N572/$1 recorded as of the close of trade on Tuesday, 19th October 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.
However, Nigeria’s foreign reserve recorded a further boost of $566.45 million on Monday, 18th October 2021 to close at $40.39 billion compared to $39.82 billion recorded as of the previous week. The reserve position has now surpassed the $40 billion mark, largely driven by the fund raised by the federal government to the Eurobond and the recent positive rally at the global crude oil market.
While trading at the official NAFEX window exchange rate appreciated against the US dollar on Wednesday, 20th October 2021 to close the day at N414.07 to a dollar, representing a 0.16% gain compared to N414.73/$1 recorded on Monday, 18th October 2021.
This represents consecutive gains for three trading days in the official forex market.
The opening indicative rate closed at N414.18/$1 on Wednesday, representing a 28 kobo appreciation compared to N414.46/$1 recorded in the previous trading day. This also represents a positive movement in three consecutive trading days.
An exchange rate of N442 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.07/$1, while it sold for as low as N405/$1 during intra-day trading. Meanwhile, forex turnover at the official window gained by 94.8% on Wednesday, 20th October 2021.