Naira Gains At Official Market

Thursday, 26th August 2021: The exchange rate between the naira and the US dollar closed at N410.88/$1 at the Investors and Exporters window, where forex is traded officially.

Naira gained against the US dollar to close at N410.88/$1 on Thursday, representing a N1.12 appreciation compared to N412/$1 recorded at the close of trading on Wednesday, 25th August 2021.

On the other hand, naira depreciated further at the parallel market as it closed at N522/$1 on Thursday, 26th August 2021, representing a N1 fall compared to N521/$1 recorded in the previous trading day.

Nigeria’s foreign reserve recorded its first boost in over two weeks as it gained $82.52 million to close at $33.48 billion on Wednesday, 25th August 2021, while crude oil prices traded bearish on Thursday as Brent Crude lost 1.09% in price to close at $71.46.

Exchange rate gained against the US dollar on Thursday 26th August 2021 to close at N410.88 to a dollar, representing a 0.27% appreciation compared to N412/$1 recorded in the previous trading day.

The opening indicative rate closed at N411.23/$1 as against N411.74/$1 recorded on Wednesday.

An exchange rate of N413 to a dollar was the highest rate recorded during intra-day trading before it settled at N412/$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 decreased by 18.2% on Thursday, 26th August 2021.

According to data from FMDQ, forex turnover dipped from $180.19 million recorded on Wednesday to $147.31 million on Thursday, 26th August 2021.