On January 11, 2021, the exchange rate between the naira and dollar at the black market closed at N475/$1 representing a N3 drop when compared to the N472/$1 it closed on the previous trading day of January 8th, 2021.
This is the second depreciation of the naira this year after falling to N472/$1 on Friday, January 8th 2021. The naira traded at N470/$1 for almost 2 weeks since the 29th of December 2020.
The pressure experienced at the black market is attributed to a surge in demand as holidaymakers source for forex to return back to their bases abroad.
Parents of Nigerian pupils who school abroad has also increased the demand for forex to fund their tuition and allowances.
This is likely to sustain demand pressure at the black market which has been a major source of price discovery for the foreign exchange market.
At the NAFEX (I&E Window) where forex is traded officially, the exchange rate closed at N393.33/$1, a slight appreciation from the N393.50 recorded on the previous trading day, January 8, 2021.
The Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N393.33/$1 as against N393.50 reported on January 8, 2021.
This represents a 17 kobo gain when compared with that of the previous trading day.
The opening indicative rate was N393.69 to a dollar on Monday. This represents a 20 kobo loss when compared to the N393.49 that was recorded on Friday, January 8, 2021.
The N411 to a dollar was the highest rate during intra-day trading before, it still closed at N393.33 to a dollar. It also sold for as low as N350.27/$1 during intra-day trading.
The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.
Politics1 year ago
Breaking: Appeal Court Sacks Ekiti APC Senator, Adeyeye Declares PDP, Olujimi Winner
News1 year ago
I’m Not Afraid Of Death– Obasanjo
Politics2 years ago
Rivers Guber ”In The End, It Will Be A Sweet Victory” Wike Tells Party Members
Sponsored Posts2 years ago
Come And Learn Yoruba Traditional Druming and Dancing
Foreign10 months ago
Breaking : Another Virus, Hantavirus Surfaces In China
Economy2 months ago
Cement Price Drops – Check Out The Current Price
Politics1 year ago
2023 Presidency : Northern Youths Drum Support For Tinubu, Lambast El-Rufai Over Zoning Comment
Featured2 years ago
Concern Citizens Write Buhari Over Kano Inconclusive Guber