Tag
NAFEX WINDOW
There is clear evidence that Nigerians have lost faith in the fx market
Tuesday, 31st August 2021: The exchange rate between the naira and the US dollar closed at N411.08/$1 at the...
The exchange rate between the naira and the US dollar closed at N410.5/$1 on Wednesday, as dollar supply spiked by 305%.
The exchange rate between the naira and the US Dollar depreciated by 0.08% to close at N410/$1 on Friday.
Nigeria's external reserves rose to the highest level since July 2020
The Naira appreciated against the dollar to close at N462/$1 on Thursday.
At the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N460/$1 on Tuesday.
The naira depreciated at the parallel market despite the third round of forex allocation to BDCs.
The sales of forex to BDCs will inject more liquidity to the retail end of the foreign exchange market.
Forex turnover at the I&E window increased substantially by 442% on Tuesday.
Forex Utilization in Nigeria fell by a whopping 80% in April as the economic shuttered in reaction to the covid-19 pandemic.