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