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

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.

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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.