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Naira Watch

Naira rate remains unchanged as forex liquidity drops by 121.28%



Naira continues free fall against U.S dollar

For the third day in a row, the Naira to US dollar exchange rate closed again at N415.10/$1 at the Investors and Exporters window, where currency is formally transacted.

This was the same rate that was recorded on Friday, October 12, 2021.

Naira’s stable rate comes as forex liquidity dropped by 121.28 percent data from FMDQ securities revealed.

According to the data, participants during Wednesday trade exchanged $62.53 million compared to N138.37 million recorded on Monday.

Read also: Naira closes unchanged as transactions hit $138.37m for Monday

Similarly, at the interbank market, Nigerian currency exchanged to the US Dollar at N411.43/$1 the same rate from Monday.

In the same vein, CBN reported that Naira to British Pound Sterling was at N551.3/£1 compared while Euro was at N471.08/€1.

Meanwhile, the black market has reversed its good performance, with traders speaking to Ripples Nigeria reporting that the dollar has increased further to N545.

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