The exchange rate between the naira and the US dollar closed lower at N411.44/$1 at the official Investors and Exporters window.
Naira appreciated against the US dollar to close at N411.44/$1 on Friday, representing a 0.06% gain compared to N411.67/$1 recorded on the previous day.
Also, naira appreciated the parallel market to close at N515/$1, having traded at N520/$1 on the previous day. This represents a N5 gain when compared to the previous day’s rate as dollar supply rose significantly by 108.5%
The recovery is coming after exchange rate had had dropped following the announcement of the ban placed on the sale of forex to BDC operators in Nigeria by the CBN Governor, Godwin Emefiele.
The naira strengthened further as dollar demand dropped with the BDC operators assuring of continuous provision of foreign exchange services despite non-allocation of forex by the CBN.
Meanwhile, forex turnover at the Investors and Exporters (I&E) window rose by 108.5% on Friday.
According to data tracked from FMDQ, forex turnover increased from $58.07 million recorded on Thursday, 29th July 2021 to $121.08 million on Friday.Follow us on social media