Official exchange rate gains as dollar supply records significant increase

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Friday, 17th September 2021: The exchange rate between the naira and the US dollar closed at N412.88/$1, at the official Investors and Exporters window.

Naira appreciated against the US dollar on Friday, to close at N412.88/$1, representing a 0.05% gain compared to N413.07/$1 recorded on Thursday, 16th September 2021.

On the other hand, the exchange rate at the parallel market closed at N560/$1 on Friday, the same as recorded in the previous trading day. This is according to information obtained from Bureau De Change operators, contacted by the Nairametrics team.

Nigeria recorded a further boost of $94.66 million in its foreign reserve to close at $35.37 billion, according to data from the Central Bank of Nigeria. So far in the month of September, the CBN has recorded a total reserve gain of $1.35 billion

Trading at the official NAFEX window

Exchange rate gained against the US dollar on Friday 17th September 2021 to close the week at N412.88 to a dollar, representing a 0.05% appreciation compared to N413.07/$1 recorded in the previous trading day.

The opening indicative rate closed at N412.49/$1 on Friday, representing a 15 kobo gain when compared to N412.64/$1 recorded on Thursday, 16th September 2021.

An exchange rate of N414 to a dollar was the highest rate recorded during intra-day trading before it settled at N412.88/$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 increased significantly by 81% on Friday, 17th September 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover appreciated from $126.96 million recorded on Thursday to $229.79 million on Friday 17th September 2021.