The exchange rate between the naira and the US dollar closed at N411.5/$1 at the official Investors and Exporters window.
Naira appreciated on Thursday against the US dollar to close at N411.5 to a dollar compared to N412/$1 recorded on Wednesday, 16th June 2021.
Also, the exchange rate gained at the parallel market to close at N493/$1 compared to N502/$1 recorded on Wednesday. This represents a N9 gain in a single day, and it traded for as much as N485/$1 during intra-day trading.
The rebound of the naira against the U.S. dollar at the parallel market was attributed to worries that the CBN might be ready to pump forex into the market with the aim of boosting liquidity. Recall that it was observed that forex speculators could lose over N100 billion as the CBN continues massive funding to BDC operators.
‘NAFEX window’
Naira appreciated against the US dollar at the Investors and Exporters window on Thursday to close at N411.5/$1, representing a 50 kobo gain when compared to the N412/$1 that was recorded the previous day.
The opening indicative rate closed at N411.54 to a dollar on Thursday, 17th June 2021, representing a 52 kobo depreciation when compared to the N411.02/$1 recorded on Wednesday, 16th June 2021.
Also, an exchange rate of N412/$1 was the highest rate recorded during intra-day trading, before it settled at N411.5/$1. It also sold for as low as N400/$1 during intra-day trading.
Forex turnover at the Investors and Exporters (I&E) window increased marginally by 4.8% on Thursday, 17th June 2021.
Data from FMDQ showed that forex turnover increased from $131.86 million recorded on Wednesday, to $138.2 million on Thursday.
