Again, Naira falls against U.S dollars, as external reserves drop

Nigeria’s naira weakened against the U.S. dollar at the Investors & Exporters (I&E) window of the foreign exchange market on Thursday, according to data from the FMDQ Security Exchange market where currencies are officially traded.

Nigeria’s currency closed at N411 at the Thursday trading session. This signifies a 50 kobo devaluation from N410.5 it closed on Wednesday.

Also, Forex turnover at the Investor and Exporters (I&E) window nosedived by 38.4 percent during trading on Thursday with $106.34 million recorded as against the $172.52 million on Wednesday.

Read also: Oil price nears $70 mark. Why Nigerians should be worried

This occurred as naira remained stable on the parallel market, the unofficial exchange market.

According to data posted on abokifx.com, the unofficial market that collates data in Lagos, Nigeria currency exchanged to the dollar at N485, the same rate it exchanged on Wednesday.

Meanwhile, Data from Central Bank of Nigeria reveals that Nigeria’s external reserve plunged by 0.28 percent to $28.94 million to close at $34.76 billion on Wednesday, 5th May 2021.

As of Tuesday, 4th May 2021 the external reserves was at $34.79 billion.

Also, brent crude oil price on Thursday closed at $68.29 compared to $68.96 recorded at Wednesday’s trading session data from oilprice.com shows.

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