Naira strengthens at NAFEX window as dollar supply improves in forex market

The exchange rate between the naira and the US Dollar closed at N406.50/$1, at the Investors and Exporters window on Thursday.

Naira appreciated against the US Dollar on Thursday as it closed at N406.50 to a dollar at the NAFEX window, representing a 1.1% gain when compared to N411 recorded on the previous trading day as dollar supply improves in the forex market.

Meanwhile, the naira remained stable against the dollar to close at N480/$1 on Thursday, March 4, 2021. This was the same rate that it closed on the previous trading day.

The forex turnover at the Investor and Exporters (I&E) window dropped by 44% from $59.17 million recorded on Tuesday to $33.15 million on Wednesday, March 3, 2021.