Exchange rate gains at NAFEX window as external reserve plunges further

The exchange rate between the naira and the US Dollar closed at N409.2/$1 at the Investors and Exporters window.

Naira appreciated against the US Dollar on Monday as it closed at N409.2 to a dollar at the NAFEX window, representing a 0.26% gain when compared to N410.25 recorded on the previous trading day.

Meanwhile, the exchange rate remained stable in the parallel market at N482/$1 on Monday after enduring a depreciation of N2 last week Friday from N480/$1 recorded on the previous day.

Also, forex turnover at the Investor and Exporters (I&E) window decreased by 35% from $37.49 million recorded on Friday to $24.38 million on Monday, 1st March 2021.