Naira crashes to record low at NAFEX as low dollar supply persists

The exchange rate between the naira and the US Dollar closed at N411.63/$1, a 3 months record low, at the Investors and Exporters window on Tuesday.

Naira depreciated against the US Dollar on Tuesday as it closed at N411.63 to a dollar at the NAFEX window, representing a 0.59% drop when compared to N409.2 recorded on the previous trading day.

AlsoRead

Naira Loses ₦16.17 in October Despite Rising Reserves and Higher FX Turnover

Dollar Shortage Bites as Naira Falls 1.31% Despite CBN’s $1.98 Billion Injection

Naira Seen Holding in N1,290–N1,370 Range Through October

Meanwhile, the naira appreciated against the dollar to close at N480/$1 on Tuesday, March 2, 2021. This represents a N2 gain when compared with the N482/$1 that it closed on the previous trading day.

Although forex turnover at the Investor and Exporters (I&E) window rose by 142.7% from $24.38 million recorded on Friday to $59.17 million on Tuesday, March 2, 2021, the dollar supply still remains low.

Source: Nairametrics