Tuesday, March 23, 2021

Naira Falls Against Dollar in Official, Parallel Markets, Reserve Rises .

 Naira's depreciation against the dollar continues as both currencies closed at N410.13 to one dollar on Monday, against Friday's N410/$1 at the official market, investors and exporters window.

Legit

 This represents a N0.13kobo drop at the official market rate recognised by the Central Bank of Nigeria. However, during trading, naira hit a high of N412 to one dollar at the market. 

It also recorded a low of N401 to a dollar, before settling at N410.13 kobo to one dollar. Also, the local currency became weaker in the parallel market during the same period. 

At the black market, the Nigerian note had depreciated to N486 to one dollar at the end of trading on Monday, slumping below the N485 to a dollar recorded on Friday. This represents N1 difference. The depreciation extended into the forex turnover which dwindled to $25.88 million at yesterday's trading, from the $46.43 million recorded on Friday. The decline caused a gap of 44.3 percent. 

However, despite the dip in forex turnover, the country's external reserve rose to $34.46 billion on Friday. 




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