The exchange rate between the naira and US dollar closed at N410.7/$1 at the Investors and Exporters window, where forex is traded officially.
Naira appreciated against the US dollar on Thursday, having gained 80 kobo to close at N410.7/$1 compared to N411.5/$1 recorded on Wednesday, 30th June 2021. The exchange rate gained despite the significant decline in dollar supply at the forex market.
Meanwhile, the naira was stable at the parallel market, as it closed at N503 to a dollar, the same as recorded in the previous trading session. Also, Nigeria’s external reserve continues to plunge, as it heads to its lowest position in four years and a year-to-date decline of over $2 billion.
The opening indicative rate remained constant to close at N411.21 to a dollar on Thursday, 1st July 2021 the same as recorded on the previous day.
An exchange rate of N420.95 to a dollar was the highest rate recorded during intra-day trading before it settled at N410.7/$1, while it sold for as low as N400/$1 during intra-day trading.
Meanwhile, forex turnover at the Investors and Exporters (I&E) window slumped by 61.9% on Thursday.
According to data tracked from FMDQ, forex turnover decreased from $160.12 million recorded on Wednesday, to $61 million on Thursday.
