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



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.

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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.

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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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