Connect with us

Economy

Naira Depreciates To N412/$1 At NAFEX Window As Dollar Supply Jumps By 238%

Published

on

Tuesday 9th March 2021: The exchange rate between the naira and the US Dollar closed at N412 to a dollar at the Investors and Exporters window.

Naira depreciated yet again at the NAFEX window to close at a record low of N412/$1 on Tuesday 9th March 2021, representing a 0.03% decline when compared to N411.88/$1 recorded on Monday, 8th March 2021.

Also, Naira weakened further against the US Dollar in the parallel market to close at N482/$1 on Tuesday, 9th March 2021, despite recording a similar decline on Monday. This decline at the NAFEX window and at the parallel market came on the back of CBN’s announcement of a Naira4Dollar scheme.

Read Also: Author Of The Competent Youth , James Useghan Other Donate COVID-19 Preventive Materials, Books To Their Alma Mater

According to the Apex bank, beneficiaries of diaspora remittances will be paid N5 for every $1 remitted through the banks.

Trading at the official NAFEX window

Naira depreciated further against the US Dollar to a record low at the Investors and Exporters window on Tuesday to close at N412 to a dollar. This represents a 12 kobo decline when compared to N411.88/$1 recorded on the previous trading day.

The opening indicative rate closed at N410.91 to a dollar on Monday. This represents a 73 kobo gain when compared to N411.64/$1 recorded on Monday.

Also, an exchange rate of N415 to a dollar was the highest rate during intra-day trading before it closed at N412/$1. It also sold for as low as N390/$1 during intra-day trading.

Forex turnover at the Investor and Exporters (I&E) window skyrocketed by 237.7% on Tuesday, 9th March 2021.
A cursory look at the data tracked by Nairametrics from FMDQ, forex turnover increased from $32.58 million recorded on Monday, March 8, 2021, to $110.01 million on Tuesday, March 9, 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.

Olaiya Flyover Inauguration

Advertisement
Advertisement
Advertisement
Advertisement

Trending

0
Would love your thoughts, please comment.x
()
x