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Naira Weakens, Closes At A Record Low Of N409/$1 At NAFEX

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Monday 15th February 2021: The exchange rate between the naira and the dollar depreciated closing at N409.67/$1 at the NAFEX (I&E Window) where forex is traded officially. This is as the dollar supply dropped by 71% on Monday.

Naira closed against the US Dollar at N409.67/$1, representing a 1.24% drop compared to N404.67/$1 recorded at the close of trade on Friday, 12th February 2021. This also represents the fifth straight trading day Naira closed in the N400/$1 region.

The official exchange rate at the NAFEX (I&E) Window has now closed above N400/$1 for 5 days consecutively the first time ever, confirming yet again that the official exchange rate has crossed the N400/$1 ceiling.

Read Also: How China’s Richest Man Worth $94.1 Became A Billion

At the parallel market where forex is traded unofficially, the naira remained stable closing at N473/$1 on Monday, February 15. This was the same rate that it closed on the previous trading day.

Also, Nigeria’s external reserves lost $312.5 million in 7 days as it fell to $35.804 billion as of February 11, 2021, from $36.116 billion as of February 3, 2021, according to data from CBN.

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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