The exchange rate between the naira and the US dollar closed at N411.50/$1 at the Investors and Exporters window, where forex is traded officially.
News Rain Nigeria gathered that Naira depreciated against the US dollar to close at N411.50/$1 on Wednesday, representing a 42 kobo drop when compared to N411.08/$1 recorded at the close of trading on Tuesday, 31st August 2021.
Also, the naira hit a new record low, depreciating against the dollar at the parallel market, as it closed at N528/$1 on Wednesday, 1st September 2021, representing a N2 drop when compared to N526/$1 recorded on the previous trading day.
The naira fell against the dollar across the forex markets with demand pressure, despite the dollar supply of $486.31 million at the official market, representing a 570.8% increase in forex liquidity.
The local currency has been hitting new lows at the black market since the CBN’s decision to channel demand from the unofficial market.
Dollar To Naira Exchange Rate Today 2nd September 2021
Trading at the official NAFEX window
The naira depreciated against the US dollar on Wednesday, 1st September 2021 to close at N411.50 to a dollar, representing a 0.1% loss when compared to N411.08/$1 recorded on the previous trading day.
The opening indicative rate closed at N411.58/$1 on Wednesday, September 1, as against N412.04/$1 recorded on Monday, representing a 46 kobo appreciation.
An exchange rate of N413 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.50/$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 rose significantly by 570.8% on Wednesday, 1st September 2021.
According to data from FMDQ, forex turnover increased from $72.50 million recorded on Tuesday to $486.31 million on Wednesday, 1st September 2021.