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Naira Weakens At Official Window As Banks Receive A Boost In Forex Liquidity



The exchange rate between the naira and the US dollar closed at N411.07/$1 at the official Investors and Exporters window.

Naira depreciated against the US dollar on Monday to close at N411.07 to a dollar, representing a 0.08% loss compared to N410.75/$1 recorded on Friday, 4th June 2021.

However, the naira remained stable against the US dollar on Monday at the parallel market to close at N502 to a dollar. This was the same rate that was recorded on Friday, June 4, 2021.

The dollar supply dropped by 34.5% as the Central Bank of Nigeria announced an increase of forex allocation to deposit money banks for SMEs, travellers, and others, in order to boost liquidity.

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Trading at the official NAFEX window

Naira depreciated against the US dollar at the I&E window on Monday, June 7, 2021, to close at N411.07/$1. This represents a 32 kobo drop when compared with the N410.75/$1 recorded the previous day.

The opening indicative rate closed at N411.08/$1 on Monday, representing a 4 kobo gain when compared with the N411.12/$1 recorded on Friday, 4th June 2021.

An exchange rate of N420.73 to a dollar was the highest rate recorded during intra-day trading before it closed at N411.07/$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 dropped by 34.45% on Monday, June 7, 2021.

Data tracked by Nairametrics from FMDQ revealed that forex turnover declined from $230.93 million recorded on Friday, 4th June 2021 to $151.37 million on Monday, 7th June 2021.

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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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