FX RATES
FX RATES

Naira falls at official market despite 44.3% increase in dollar supply

 

 

 

Monday 19th July 2021: The exchange rate between the naira and the US dollar closed at N411.67/$1 at the official forex market.

Naira depreciated against the US dollar on Monday, 19th July 2021 to close at N411.67/$1. This represents a N1.29 gain when compared to N410.38/$1 that was recorded on Friday, 16th July 2021.

At the parallel market, however, the naira appreciated against the US dollar at an exchange rate of N503/$1, a gain of N3 when compared to the N506/$1 that was recorded on Friday 16th July 2021.

On the other hand, the dollar supply at the official forex market rose by 44.3% on Monday to stand at $168.19 million as external reserve continues its rebound.

THE FIGURE BELOW SHOWS THE AVERAGE EXCHANGE RATE OF THE NAIRA FOR 2021

 

 

 

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