See Exchange Rate Today, As Dollar To Naira Rate Remains Stable At Official Market

Dollar to naira exchange rate has remained stable at official market as forex supply rises by over 100%.

News Rain Nigeria reports that dollar to naira exchange rate closed at N415.07/$1 at the official Investors and Exporters (I&E) window.

This online newspaper understands that Naira remained stable against the US dollar on Thursday to close at N415.07/$1.

This was the same rate that was recorded in the previous trading sessions as a drop in the country’s external reserves continues with a decline of $20 million.

However, the naira depreciated against the US dollar on Thursday as it closed at N570/$1. This represents a N2 drop when compared to the N568/$1 that was recorded in the previous trading session.

This is according to information obtained from BDC operators.

The local currency remained stable at the official market as the forex turnover rose significantly by 100.6% during Thursday’s trading session.

See Exchange Rate Today, As Dollar To Naira Rate Remains Stable At Official Market

Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window remained stable to close at N415.07/$1 on Wednesday, the same rate that was recorded at the last trading session.

The opening indicative rate also remained stable to close at N413.71/$1 on Thursday, which was the same rate that was recorded in the previous trading session.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N415.07/$1, while it sold for as low as N404/$1 during intra-day trading.

Forex turnover at the official window rose by 100.62% to trade at $453.38 million on Thursday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $225.99 million on Wednesday 8th December 2021, to $453.38 million on Thursday 9th December 2021.