BREAKING: Naira Gains At Official Market As External Reserves Rise Massively

Naira has gained at the official market as external reserves rise for the first time in over a month.

Eko Hot Blog reports that the exchange rate between the naira and the US dollar closed at N414.73/$1 at the official Investors and Exporters (I&E) window

This online newspaper understands that Naira appreciated against the US dollar on Friday to close at N414.73/$1, representing a 0.02% gain compared to N414.8/$1 recorded in the previous trading sessions as Nigeria’s external reserve increased by $69 million, the first time in over a month.

Forex turnover at the official market dropped by 37.4% to $139.67 million from $223.18 million recorded in the previous day.

However, the naira depreciated against the US dollar on Friday, dropping by 0.53% to close at N570/$1 as against N567/$1 that was recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Eko Hot Blog.

Nigeria’s foreign reserve reduced by 0.08% on Wednesday, 1st December to close at $41.15 billion compared to $41.19 billion recorded as of the previous day. The recent decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.

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The exchange rate at the Investors and Exporters window appreciated by 7 kobo to close at N414.73/$1 on Friday, compared to N415.8/$1 recorded over the past six trading sessions.

The opening indicative rate closed at N414.06/$1 on Friday, which represents a 12 kobo depreciation compared to N413.94/$1 recorded in the previous trading session.

An exchange rate of N461.27/$1 was the highest rate recorded during intra-day trading before it settled at N414.73/$1, while it sold for as low as N404/$1 during intra-day trading.

Forex turnover at the official window declined by 26.2% to $103.01 million on Friday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window dropped from $139.67 million recorded on Thursday 2nd December 2021 to $103.01 million on Friday 3rd December 2021.