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Naira Depreciates At Black Market On Thursday



The exchange rate between the naira and the US dollar closed as at N410.9/$1 at the official Investors and Exporters window.

Naira appreciated against the US dollar on Thursday to close at N410.9 to a dollar, representing a 0.04 gain compared to N411.06/$1 recorded on Wednesday, 2nd June 2021.

On the other hand, naira depreciated against the US dollar on Thursday at the parallel market to close at N499 to a dollar. It fell from N498/$1 recorded on Wednesday, 2nd June 2021 to N499/$1 on Thursday.

Meanwhile, the Association of Bureau De Change Operators of Nigeria (ABCON) revealed that they will be commencing, what they called “Operation No Street Trading” to stop the hawking of foreign exchange by BDC operators.

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This is part of the measures aimed at bringing down the exchange rate which has been on the rise recently, especially after the adoption of the NAFEX rate as the new official rate by the Central Bank of Nigeria.

Trading at the official NAFEX window
Naira appreciated against the US dollar at the I&E window on Thursday, 3rd June 2021 to close at N410.9/$1. This is 18 kobo higher than N411.06/$1 recorded on the previous day.

The opening indicative rate also appreciated by 18 kobo to close at N411.04/$1 on Thursday, as against N411.22/$1 recorded on Wednesday 2nd June 2021.

An exchange rate of N420.47 to a dollar was the highest rate recorded during intra-day trading before it settled at N410.9/$1, while it also sold for as low as N400/$1 during intra-day trading.

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Forex turnover at the Investors and Exporters (I&E) window declined by 14.2% on Thursday, 4rd June 2021.

Data tracked by Nairametrics from FMDQ revealed that forex turnover decreased from $164 million recorded on Wednesday, 2nd June 2021 to $140.76 million on Thursday, 3rd June 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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