As at close of business yesterday, Thursday 9th September 2021. The naira to dollar rate depreciated to a new record low of N540/$1 compared to N535/$1 recorded in the previous business day.
The tenacious fall of naira during this period has been associated with the banking sector being unable to meet the demand for large amount of foreign exchange particularly the dollar in the forex market. This has created a partial monopoly where by black market operators and suppliers provide these currencies at a somewhat dictum price.
On the other hand, the official market for foreign exchange known as the Investors and Exporters window the exchange rate between the naira and the US dollar closed at N411.67/$1, This is over a N100 difference between the official and parallel market.
The exchange rate depreciated against the US dollar on Thursday 9th September 2021 to close at N411.67 to a dollar, representing a 0.04% fall compared to N411.5/$1 recorded in the previous trading day.
The opening indicative rate closed at N411.43/$1, a 15 kobo appreciation compared to N411.58/$1 recorded on Wednesday, 8th September 2021.
An exchange rate of N412.85 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.67/$1, while it sold for as low as N400/$1 during intra-day trading.