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Naira Strengthens At NAFEX Window

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Wednesday, 24th March 2021, the exchange rate between the naira and the US Dollar closed at N408.75/$1 at the Investors and Exporters window.

Naira gained against the US Dollar again on Wednesday to close at N408.75 to a dollar, representing a 0.26% gain compared to N409.8/$1 recorded on Tuesday.

However, in the parallel market, the naira remained relatively stable, as it closed at N486/$1, which is the same as recorded in the previous trading session.

Forex turnover increased marginally to $34.76 million, while Nigeria’s external reserve recorded the third consecutive increase, gaining $182.3 million in three days.

Trading at the official NAFEX window

Naira appreciated against the US Dollar at the Investors and Exporters window on Wednesday to close at N408.75/$1. This represents a N1.05k gain when compared to N409.8/$1 recorded on Tuesday, 23rd March 2021.

The opening indicative rate closed at N408.98 to a dollar on Wednesday. This represents an 80 kobo gain when compared to N409.78/$1 recorded on Tuesday.
Also, an exchange rate of N414 to a dollar was the highest rate recorded during intra-day trading before it closed at N408.75/$1. This represents the highest rate recorded in almost two weeks.

It also sold for as low as N394/$1 during intra-day trading. A difference of N1 compared to N393 recorded in the previous day.

Forex turnover at the Investor and Exporters (I&E) window increased marginally by 5% on Wednesday, 24th March 2021.
A cursory look at the data tracked by Nairametrics from FMDQ showed that forex turnover increased from $33.11 million recorded on Tuesday, March 23, 2021, to $34.76 million on Wednesday.

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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