The exchange rate between the naira and the US dollar closed at N411.50/$1 at the Importers and Exporters window, where forex is traded officially.
The Naira appreciated against the US dollar on Wednesday at the official NAFEX window to close at N411.50 to a dollar. This represents a 0.01% gain when compared to N411.56/$1 recorded on Tuesday, 25th May 2021.
However, the Naira depreciated at the parallel market, closing at N493/$1 on Wednesday, May 26, 2021. This shows a N6 drop when compared to the N487/$1 that was recorded the previous day.
The Naira nears the N500/$1 mark at the black market after CBN’s devaluation of the local currency and despite a 262% increase in dollar supply.
The Central Bank of Nigeria moved towards exchange rate unification as it further adjusted the exchange rate and formally adopted the NAFEX rate as the official rate.
Naira appreciated against the US dollar at the Investors and Exporters window on Wednesday to close at N411.50/$1, representing a 6 kobo gain when compared to the N411.56/$1 that was recorded the previous day.
The opening indicative rate closed at N411.38 to a dollar, representing a 37 kobo drop when compared to the N411.01 to a dollar that it closed at on Tuesday, 25th May 2021.
An exchange rate of N429.37 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.50/$1. It also sold for as low as N387.67/$1 during intra-day trading.
Forex turnover at the Investors and Exporters (I&E) window increased significantly by 261.6% on Wednesday, 26th May 2021.
Data from FMDQ revealed that forex turnover rose from $130.50 million recorded on Tuesday, 25th May 2021 to $471.85 million on Wednesday, 26th May 2021.
