NAFEX exchange rate closes N400/$1 as crude oil prices maintains hot streak

The exchange rate between the Naira and the US Dollar closed  N400/$1 at the NAFEX window where forex is traded officially.

Naira closed against the US Dollar at N400/$1, representing a 0.25% gain compared to N401/$1 recorded at the close of trade on Tuesday, 9th February 2021. This is the second straight day it is closing at N400/$1 or above.

The Naira also strengthened against the dollar in the black market to close at N478/$1 compared to N480/$1 recorded on Tuesday. 

Meanwhile, Nigeria’s external reserve dipped by 0.11% as oil prices maintained its bullish trend.   

The exchange rate between the naira and dollar at the Investors and Exporters (I&E) window closed at N400/$1 on Wednesday, 10th February 2021. This represents a marginal gain of N1 (0.25%) compared to N401 recorded on Tuesday. 

  • The opening indicative rate was N401.04/$1 to a dollar on Wednesday, 0.66% depreciation compared to N398.42/$1 recorded the previous day 
  • The dollar sold for as high as N405 to a dollar during intra-day trading before closing at N400 to a dollar. It also sold for as low as N386/$1 during intra-day trading.   
  • Recall that last week the CBN adjusted its NDF exchange rate due February 23rd to N412.14 an early signal of where the apex bank thinks the exchange rate could land. 
  • Forex turnover increased by 4% at the Investor and Exporters (I&E) window to stand at $50.74 million from $49.07 million recorded on Tuesday, 9th February 2021.