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Naira Watch

Naira starts the week at N415.07/$1



Naira closes strong against U.S dollar on Tuesday

The exchange rate between the naira and the US Dollar closed firm at the Investors and Exporters window, where forex is traded officially.

Data obtained from FMDQ showed the Nigerian currency closed on Friday, 26 November 2021, at N415.07/$1 the same rate from the previous day.

This happened despite a significant increase in forex supply in the market.

FMDQ data showed that the market witnessed on Friday a significant increase in activities as $215.47 million worth of transaction was carried out which was 119.7 percent or $117.4 million higher than the $98.07 million recorded on Thursday.

It was a similar display at the interbank window where banks exchange forex directly.

CBN data showed the Naira halted its two days depreciation against the U.S currency on Friday to remain unchanged at N411.64/$1, the same rate from Thursday.

Read also: Why Nigerians are reluctant to adopt eNaira as payment option, says FixIt45 founder, Ogunjobi

It was the same trend, against the British pounds as Naira exchange rate closed at N548.55/£1.

Naira also stayed unchanged to the Euro at N462.07/€1 as it was sold at the preceding session.

While this happened Naira depreciated at the unofficial market also called the black market.

Traders who spoke to Ripples Nigeria said a dollar was exchanged at N563 to N565 depending on the amount requested.

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