Naira fell against the US dollar on Monday, to close at N413.68/$1, representing a 0.19% decline compared to N412.88/$1 recorded on Friday, 17th September 2021.
Similarly, the exchange rate at the parallel market closed at N570/$1 on Monday, representing a N10 depreciated compared to N560/$1 recorded in the previous week.
This is according to information obtained from BDC operators by the Nairametrics team.
Nigeria’s foreign reserve gained $88.89 million on Friday, 17th September 2021 to close at $35.46 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 $1.44 billion.
Trading at the official NAFEX window
News Rain Nigeria gathered that the exchange rate depreciated against the US dollar on Monday 20th September 2021 to close the day at N413.68 to a dollar, representing a 0.19% drop compared to N412.88/$1 recorded in the previous trading day.
The opening indicative rate closed at N412.81/$1 on Monday, representing a 32 kobo decline when compared to N412.49/$1 recorded on Friday, 17th September 2021.
An exchange rate of N415 to a dollar was the highest rate recorded during intra-day trading before it settled at N413.68/$1, while it sold for as low as N409/$1 during intra-day trading.
Meanwhile, forex turnover at the Investors and Exporters (I&E) window decreased significantly by 60.3% on Monday, 20th September 2021.
According to data tracked by Nairametrics from FMDQ, forex turnover depreciated from $229.79 million recorded on Friday to $91.23 million on Monday 20th September 2021.
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