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Naira Gains At NAFEX Window As Dollar Supply Improves Significantly



Thursday 11th March 2021: The exchange rate between the naira and the US Dollar closed at N409 to a dollar at the Investors and Exporters window.

Naira gained against the US Dollar on Thursday to close at N409/$1, representing a 0.52% gain when compared to N411.13/$1 recorded on Wednesday, 10th March 2021.

Also, Naira gained against the US Dollar in the parallel market, gaining N2 to close at N482 to a dollar compared to N484/$1 recorded on the previous day.

This came after the president of the Association of Bureau De Change Operators in Nigeria (ABCON), Aminu Gwadebe stated in a virtual meeting that the BDC’s will not allow forex speculators and street hawkers to take over BDC business in Nigeria through their illegal practices.

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On the other hand, commercial banks in Nigeria have informed their customers that they can no longer make instant online transfers out of their domiciliary accounts without proper documentation.

Trading at the official NAFEX window

Naira gained against the US Dollar at the Investors and Exporters window on Thursday to close at N409 to a dollar. This represents a N2.13 kobo gain when compared to N411.13/$1 recorded on the previous trading day.

The opening indicative rate closed at N409.66 to a dollar on Thursday. This represents a 69 kobo gain when compared to N410.35/$1 recorded on Wednesday.

Also, an exchange rate of N415 to a dollar was the highest rate during intra-day trading before it closed at N409/$1. It also sold for as low as N390/$1 during intra-day trading.

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Forex turnover at the Investor and Exporters (I&E) window jumped by 420.3%% on Thursday, 11th March 2021.
A look at the data tracked by Nairametrics from FMDQ, forex turnover increased from $36.92  million recorded on Wednesday, March 10, 2021, to $192.11 million on Thursday, March 11, 2021, being the highest dollar supply recorded in two weeks.

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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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