BREAKING: See Exchange Rate Today, As Naira Crashes Flat

Naira has crashed flat at the official market.

News Rain Nigeria gathered that the exchange rate between the naira and the US dollar closed at N415.07/$1, for the six straight days at the official Investors and Exporters (I&E) window.

Naira closed flat against the US dollar again on Wednesday at N415.07/$1, the same as recorded in the past five trading sessions.

This is despite trading as high as N457.02 during the intra-day session, representing the highest rate on record. FOREX liquidity at the official market improved by 45.9% to $223.18 million from $152.98 million recorded in the previous day.

On the other hand, naira depreciated further against the US dollar on Wednesday, falling by 0.35% to close at N572/$1 from N570/$1 that was recorded in the previous trading session. This is according to information obtained from BDC operators.

BREAKING: See Exchange Rate Today, As Naira Crashes Flat

Nigeria’s foreign reserve reduced by 0.07% on Tuesday, 30th November to close at $41.19 billion compared to $41.22 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.

Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed flat on Wednesday at N415.07/$1, the same as recorded in the past five trading sessions.

Meanwhile, it had depreciated in the previous week from N414.8/$1 to N415.07/$1 but has since maintained the same rate for six straight days.

The opening indicative rate closed at N413.79/$1 on Wednesday, which represents a 20 kobo depreciation compared to N413.59/$1 recorded in the previous trading session.

An exchange rate of N457.02/$1 was the highest rate recorded during intra-day trading before it settled at N415.07/$1, while it sold for as low as N405/$1 during intra-day trading. It is worth noting that the N457.02/$1 is the highest rate on record at the Investors and Exporters window.

Forex turnover at the official window increased by 45.9% to $223.18 million on Wednesday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window improved from $152.98 million recorded on Tuesday 30th November 2021 to $223.18 million on Wednesday 1st December 2021.