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    Security features of the new naira notes revealed by the CBN

    JUST IN: CBN orders banks to begin payment of new notes over the counter

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    Suspected herdsmen ambush Benue policemen, kill DPO

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    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

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    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

    Update: Central Bank of Nigeria instructs banks to close accounts related to Crypto

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    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

    Buhari to unveil new naira notes Wednesday — no longer Dec 15

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    • Economic Data
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    Equities Market Recorded Gains… As NGX-ASI Grows Marginally By 0.49%

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Home Markets Forex

Naira falls at official market despite about 100% rise in forex turnover

Thursday, 14 October 2021, 9:44 am
in Forex, Markets
0
Naira continues to gain against dollar at the parallel market
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The value of naira fell against the US dollar on Wednesday at the Investors and Exporters’ Window where forex is traded officially.

According to the data available at the FMDQ website, the exchange rate closed at N415.10 per dollar at the window, as naira depreciated by N0.80 compared to the closing rate of N414.30 on Tuesday.

The closing rate of N415.1 per dollar represents a N1.36 decline from the Wednesday’s opening rate of N413.74 per dollar.

Read also: NGX Daily Equities Market Report: CHAMPION rise continue, as Local Bourse gain 0.38%

The intraday high rate for spot exchange at the window stood at N419.00 per dollar with a low of N405.00 per dollar. Whereas forwards contracts recorded a high rate of N446.40 per dollar with a low rate of N419.00 per dollar.

The depreciation of naira came amid 99.9% rise in the forex turnover at the window on Wednesday to $306.77 million from $153.39 million recorded on Tuesday, according to the data on FMDQ seen by Investogist.

At the parallel market, the exchange rate closed at N568 per dollar according to Nairametrics report which cited information from “BDC operators in Lagos.”

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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