Exchange rate settles for N409/$1 for second straight day

The exchange rate between the naira and the dollar remained stable closing at N409.67/$1 at the NAFEX (I&E Window) where forex is traded officially. This is as the dollar supply rose slightly by 8% on Tuesday.

Naira closed against the US Dollar at N409.67/$1, this was the same rate that it closed on Monday, 15th February 2021. This also represents the sixth straight trading day Naira closed in the N400/$1 region.

At the parallel market where forex is traded unofficially, the naira remained stable closing at N473/$1 on Tuesday, February 16. This was the same rate that it closed on the previous trading day.

Also, Nigeria’s external reserves lost $124 million in 3 days as it fell to $35.633 billion as of February 15, 2021, from $35.757 billion as of February 12, 2021, according to data from CBN.