Naira has gained massively at the black market and remained flat at the official market.
Glamtush reports that the exchange rate between the naira and the US dollar closed at N415.07/$1 at the Investors and Exporters window, where forex is traded officially. Naira remained stable on Friday against the US dollar to close at N415.07/$1. This was the same rate that was recorded on Thursday, 21st October 2021.
Also, naira appreciated against the US dollar on Friday to close 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. This is according to information obtained from BDC operators in Lagos.
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.
The exchange rate remained stable against the US dollar on Friday, 22nd October 2021 to close the day at N415.07 to a dollar, representing the same rate when compared to N415.07/$1 recorded on Thursday, 21st October 2021.
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.
Meanwhile, forex turnover at the official window rose by 133.6% on Friday, 22nd October 2021.
According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $103.16 million recorded on Thursday to $240.97 million on Friday 22nd October 2021.
The local currency opened at N570.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 25 October 2021, in Lagos Nigeria after it closed N574.00 per $1 on Friday, 22 October 2021.
Glamtush reports that in the black market, the players buy a dollar for N565 and sell for N570 on Monday morning, October 25, 2021 after they bought N568 and sold N573 last Friday.
Meanwhile, Glamtush reports that the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, October 25, 2021 in Lagos Nigeria. after it opened N572 last week Monday, October 18, 2021.
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