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Naira Weakens At Parallel Market, Maintains Stability At NAFEX Window

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The exchange rate between the naira and the US dollar closed at N412/$1 at the Investors and Exporters window, where forex is officially traded.

The naira maintained stability at the NAFEX window, for the third day in a stretch to close at N412 to a dollar, the same as recorded last week Friday and Monday, 31st May 2021.

On the other hand, naira fell at the parallel market to close at N498/$1, edging close to N500/$1. Specifically, the naira depreciated from N495/$1 recorded on Monday, 31st May 2021 to close at N498/$1 on Tuesday.

Meanwhile, a J.P Morgan strategist and Bitcoin expert has predicted that Bitcoin’s price could fall to as low as $26,000 before longer-term momentum would signal capitulation. He said this on the back of the recent bearish performance of the flagship cryptocurrency asset.

Trading at the official NAFEX window

Naira remained stable against the US dollar at the Investors and Exporters window on Tuesday, 1st June 2021 to close at N412/$1.

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The opening indicative rate, however, depreciated by 19 kobo to close at N411.11/$1 on Tuesday, as against N410.92/$1 recorded on Monday, 31st May 2021.

An exchange rate of N420.33 to a dollar was the highest rate recorded during intra-day trading before it settled at N412/$1, while it also sold for as low as 400/$1 during intra-day trading.

Forex turnover at the Investors and Exporters (I&E) window decreased further by 22.7% on Tuesday, 1st June 2021.

Data tracked by Nairametrics from FMDQ revealed that forex turnover reduced from $125.44 million recorded on Monday, 31st May, 2021 to $96.91 million on Tuesday, 1st June, 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.

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