Naira has finally gained against dollar at forex markets.
The exchange rate between the naira and the US dollar closed at N411.08/$1 at the Investors and Exporters window, where forex is traded officially.
Naira appreciated against the US dollar to close at N411.08/$1 on Tuesday, representing a 55kobo gain when compared to N411.63/$1 recorded at the close of trading on Monday, 30th August 2021.
Also, News Rain Nigeria gathered that the naira appreciated marginally at the parallel market as it closed at N526/$1 on Tuesday, 31st August 2021, representing an N1 gain when compared to N527/$1 recorded on the previous trading day.
The naira gained across the forex markets as the country’s external reserve increased by $533 million in just 4 days.
Naira Gains At Forex Markets, See Exchange Rate Today September 1st, 2021
The CBN on Monday, ordered deposit money banks to publish on their website the names and BVN of customers who engage in fraudulent or unscrupulous practices to obtain foreign exchange.
The rising demand for foreign exchange which is also in short supply has triggered the recent fall of the local currency in the black market.
Trading at the official NAFEX window
The naira appreciated against the US dollar on Tuesday 31st August 2021 to close at N411.08 to a dollar, representing a 0.13% appreciation compared to N411.63/$1 recorded on the previous trading day.
The opening indicative rate closed at N412.04/$1 on Tuesday, August 31, as against N411.93/$1 recorded on Monday, representing an 11 kobo depreciation.
An exchange rate of N415.20 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.63/$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 dropped by 11.4% on Tuesday, 31st August 2021.
According to data from FMDQ, forex turnover declined further from $81.81 million recorded on Monday to $72.50 million on Tuesday, 31st August 2021.