Naira Crashes At Black Market See Today’s Exchange Rate

Naira Crashes At Black Market despite gains at the official window.

News Rain Nigeria reports that the exchange rate between the naira and the US dollar closed at N411.25/$1 at the Importers and Exporters window, where forex is traded officially.

Naira appreciated against the US dollar on Monday at the official NAFEX window to close at N411.25 to a dollar. This represents a 0.18% gain when compared to N412/$1 recorded on Friday, 21st May 2021.

However, the Naira depreciated at the parallel market, closing at N486/$1 on Monday, May 24, 2021.

This shows a N1 drop when compared to the N485/$1 that was recorded the previous day.

Naira Crashes At Black Market See Today’s Exchange Rate

The foreign exchange market liquidity was boosted significantly by a 136.13% increase in dollar supply.

Trading at the official NAFEX window
Naira appreciated against the US dollar at the Investors and Exporters window on Monday to close at N411.25/$1, representing a 75 kobo gain when compared to the N412/$1 that was recorded the previous day.

The opening indicative rate closed at N411 to a dollar on Monday, 24th May 2021, representing an 8 kobo gain when compared to the N411.08/$1 recorded on Friday.

An exchange rate of N420.50 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.25/$1.

It also sold for as low as 387.67/$1 during intra-day trading.

Forex turnover at the Investors and Exporters (I&E) window increased significantly by 136.13% on Monday, 24th May 2021.

Data tracked by Nairametrics from FMDQ revealed that forex turnover rose from $89.72 million recorded on Friday, 21st May 2021 to $211.86 million on Monday, 24th May 2021.