BREAKING: Again, Naira Falls Against US Dollar

Naira weakened against the US dollar to close at N411 to a dollar on Thursday representing a 50 kobo decline when compared to N410.5/$1 that was recorded on Wednesday.
Meanwhile, Nigeria’s external reserve plunged $28.94 million to close at $34.76 billion on Wednesday.

Naira weakened against the US dollar to close at N411 to a dollar on Thursday representing a 50 kobo decline when compared to N410.5/$1 that was recorded on Wednesday.

The naira, however, maintained stability at the parallel market as it closed at N485/$1.

Meanwhile, Nigeria’s external reserve plunged $28.94 million to close at $34.76 billion on Wednesday, 5th May 2021.

The Central Bank of Nigeria (CBN) has also issued an indefinite extension to its Naira4dollar scheme for foreign remittances, which was introduced some months ago.

According to the apex bank, the latest development was aimed at sustaining the country’s foreign exchange market liquidity.

The naira depreciated against the US dollar at the Investors and Exporters (I&E) window on Thursday to close at N411/$1, representing a 50 kobo decline when compared to the N410.5/$1 that was recorded on Wednesday.

The opening indicative rate closed at N410.37 to a dollar on Thursday representing a 12 kobo depreciation when compared to the N410.25/$1 recorded on Wednesday.

Also, an exchange rate of N420.9 to a dollar was the highest rate recorded during intra-day trading before it settled at N411/$1.

It, however, sold for as low as N400/$1 during intra-day trading.

The forex turnover at the Investor and Exporters (I&E) window declined by 38.4% on Thursday.

According to Nairametrics, data from FMDQ showed that forex turnover decreased from $172.52 million recorded on Wednesday, 5th May 2021 to $106.34 million on Thursday, 6th May 2021.