Naira gains as CBN sells dollars to foreign investors at N411.5

The Central Bank of Nigeria (CBN) sold the U.S dollars to foreign investors at N411.5 the closing rate of NAFEX window on Monday.

According to data from FMDQ, Investors and Exporters window closing rate on Monday represents a 17 kobo marginal gain when compared to N411.67 on Friday, 14th May 2021.

For months, the Central Bank of Nigeria has been on a frantic dollar sale to foreign investors seeking to repatriate their funds abroad to ease dollar pressure.

In February, the International Monetary Fund had estimated $2 billion of foreign investors dollars were trapped in Nigeria.

During market activities at the I&E window, Naira exchanged to the dollar at as high as N425.90 and N395.00.

This happens as daily turnover declined by 45.2% to stand at $111.53 million from $203.42 million on Friday.

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

Meanwhile, the naira remained stable against the dollar for the second day at the parallel market after the revelation that CBN has adopted the flexible exchange rate as a reference for government transactions.

Data from Aboki FX show that on Monday, Naira closed at N484 to a U.S dollar at the same rate it closed on Friday last week.

This implies as at the end of Monday’s trading the difference between the official and unofficial exchange rate now stands at N72.5

By Dave Ibemere…

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now