Naira exchanges at N485 per dollar | Ripples Nigeria
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Naira exchanges at N485 per dollar

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Naira falls by N2 as CBN promo fails to stop depreciation

On Thursday, April 1, 2021, Naira closed at N485.00 to the dollar at the black market, this represents N1.00 or 0.21 percent appreciation from N486.00, the rate it exchanged the previous day, according to data posted by Aboki fx.

However, currency of Africa’s largest economy at the official market, the Investor and Exporters window, data posted on FMDQ Securities Exchange on Thursday showed a devaluation.

Read also: Nigeria’s currency, naira, closes stronger to the dollar

Naira closed to the dollar at the official market, at N409.30 from N408.67 the rate at which it closed on Wednesday. This represents N0.63 or 0.15 percent drop in value.

Participants at the official market maintained bid for the dollar between N401.10 and N413.00, before closing at N409.30.

This occurred as forex turnover increased slightly by 0.51 per cent, with $35.55 million recorded as against the $35.37 million posted on Wednesday.

As at Thursday, the gap between the unofficial market and the I&E exchange rate is now at N75.70.

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