FX RATES
FX RATES

Naira Gains at Forex Official Market as Foreign Reserve Declines

 

The exchange rate between the naira and the US dollar closed at N411.5/$1 at the Investors and Exporters window, where forex is traded officially on the 17th August 2021.

Naira appreciated against the US dollar to close at N411.5/$1 on Tuesday, representing a 0.04% gain when compared to the N411.67/$1 that was recorded the previous day.

Meanwhile, the naira still remained stable at the parallel market to close at N515/$1 on Tuesday, August 17, 2021. This was the same rate that it traded the previous day.

Nigeria’s foreign reserve declined by $24.7 million on Monday, 16 August 2021 to close at $33.55 billion, compared to $33.58 billion recorded as of Friday, 13 August 2021. Despite the decline, which has endured for four days, it has recorded a month-to-date gain of $151.45 million.

However, an account of its year-to-date movement shows a decline of $1.82 billion compared to $35.37 billion recorded as of December 31st, 2020.

Recent reports have suggested that Nigeria’s foreign reserve position could grow as high as $40 billion by the end of September, as projected in an EFG Hermes publication.

This was made known following the $3.35 billion direct allocations to Nigeria that was approved by the International Monetary Fund (IMF), which is expected to boost the country’s FX position, while an additional planned minimum #3 billion Eurobond issuance could also see a 20% boost in the county’s reserve.

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