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Home Currencies

Naira Falls to Record Low In Parallel Market as Dollar Supply Drops Significantly By 62%

Rate Captain by Rate Captain
August 31, 2021
in Currencies, Economics, News
Reading Time: 2 mins read
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 The exchange rate between the naira and the US dollar closed at N411.63/$1 at the Investors and Exporters window, where forex is traded officially.

Naira appreciated against the US dollar to close at N411.63/$1 on Monday, representing a 37kobo gain when compared to N412/$1 recorded at the close of trading on Friday, 27th August 2021.

However, the naira further depreciated at the parallel market as it closed at N527/$1 on Monday, 30th August 2021, representing a N3 drop when compared to N524/$1 recorded on the previous trading day.

The naira slumped to a new record low against the dollar at the black market on Monday days after the CBN banned microfinance banks from foreign exchange transactions as dollar supply drops significantly by 62%.

According to Reuters, the stoppage of forex allocation to BDC operators by the CBN has drained liquidity in the black market and could further weaken the naira.

The naira appreciated against the US dollar on Monday 30th August 2021 to close at N411.63 to a dollar, representing a 0.27% depreciation compared to N412/$1 recorded in the previous trading day.

The opening indicative rate closed at N411.93/$1 on Monday, August 30, as against N411.80/$1 recorded on Friday, representing a 13 kobo depreciation.

An exchange rate of N415.20 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.63/$1, while it sold for as low as N400/$1 during intra-day trading.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window dropped by 62.2% on Monday, 30th August 2021.

According to data from FMDQ, forex turnover declined from $216.52 million recorded on Friday to $81.81 million on Monday, 30th August 2021.

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