Naira Hits a New Record Of N530/$ At Black Market

Thursday, 2nd September 2021:  The exchange rate between the naira and the US dollar closed at N411.67/$1 at the Investors and Exporters window, where forex is traded officially.

Naira depreciated against the US dollar to close at N411.67/$1 on Thursday, representing a 17 kobo drop when compared to N411.50/$1 recorded at the close of trading on Wednesday, 1st September 2021.

Also, the naira hit a new record low, depreciating against the dollar at the parallel market, as it closed at N530/$1 on Thursday, 2nd September 2021, representing a N2 drop when compared to N528/$1 recorded on the previous trading day.

The naira fell to an all-time low against the US dollars in the black market due to increased demand for foreign exchange by importers who cannot access forex at the official window.

According to Reuters, the local currency is expected to ease on the black market in the coming week after the CBN orders deposit money banks to publish on their website names of individuals that violate rules on forex transactions.

The naira depreciated against the US dollar on Thursday, 2nd September 2021 to close at N411.67 to a dollar, representing a 0.04% loss when compared to N411.50/$1 recorded on the previous trading day.

The opening indicative rate closed at N411.78/$1 on Thursday, September 2, as against N411.58/$1 recorded on Wednesday, representing a 20 kobo depreciation.

An exchange rate of N413 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.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window rose significantly by 570.8% on Wednesday, 1st September 2021.

According to data from FMDQ, forex turnover decreased from $486.31 million recorded on Wednesday to $296.34 million on Thursday, 2nd September 2021.