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Devaluation Lurks As Dollar To Naira Sells For N422.59 At NAFEX

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Tuesday 9th February 2021: The exchange rate between the Naira and the US Dollar traded for as high as N422.59 at the Investor and Exporter in the clearest sign yet that another devaluation might be around the corner.

However, the exchange rate closed at N401/1 representing a 0.63% decline compared to the closing rate of N398.5/$1 recorded on Monday, 8th February 2021.

At N422/$1, traders believe this is a sign that the central bank is willing to accept further depreciation despite the rising price of crude oil.

Meanwhile, the exchange rate at the black market remained unchanged at N480/$1.

Read Also: Breaking: 30-Year-Old Osun Poly Student Dies After Finalists’ Party

Trading at the official NAFEX window
The exchange rate between the naira and dollar at the Investors and Exporters (I&E) window to close at N401/$1 on Tuesday the lowest in 2021. This represents a decline of N2.5 compared to N398.5/$1 recorded on Monday.

The opening indicative rate was N398.42/$1 to a dollar on Tuesday, 0.23% depreciation compared to N397.5/$1 recorded on Monday, 8th February 2021.

The dollar sold for as high asN422 to a dollar during intra-day trading before it closed at N401 to a dollar. It also sold for as low as N390/$1 during intra-day trading.

Just last week the CBN adjusted its NDF exchange rate due February 23rd to N412.14 an early signal of where the apex bank thinks the exchange rate could land.

Forex turnover declined by 15.1% at the Investor and Exporters (I&E) window to stand at $49.07 million declining from $57.78 million recorded on Monday, 8th February 2021.

BlazeNewz Disclaimer

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.

Hammed Tajudeen is the editor in-chief of Blaze News, holds Higher National Diploma(HND) in Mass Communication, graduated from Osun State Polytechnic, Iree.

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