Naira continues to rise at official window

The Naira closed at N414.50 against the dollar on Tuesfay 28 September 2021, at the official Investors and Exporters window (NAFEX).

The Nigerian currency gained 33 kobo, a 0.08% increase when compared to its closing value of N414.83 recorded on Monday 27th September 2021.

However, at the parallel market, the Naira closed at N573/$1 on Tuesday. This is according to information obtained by Nairametrics from BDC operators in Lagos.

There was a 2.4% drop in dollar supply. On Tuesfay at the official market.

Last week. Nigeria’s $4 billion Eurobond was oversubscrbed by investors to the tune of $12.2 billion.

The rise in the external reserve following the Eurobond issue is expected to increase the CBN’s capacity to support the naira.

The opening indicative rate at the NAFEX market, on Tuesday closed at N413.69/$1, representing a 39 kobo drop when compared to N413.30/$1 recorded on Monday, 27th September 2021.

A high exchange rate of N415 to a dollar was recorded during the day’s trading before it settled at N414.50/$1, while it sold for as low as N405/$1 for the day.

Also on Tuesday, forex turnover at the official window dropped by 2.4%.

FMDQ data showed that forex turnover declined from $130.83 million recorded on Monday to $127.68 million on Tuesday 28th September 2021.

External reserve
On Monday, Nigeria’s foreign reserve recorded further gain of 0.42% as it rose by $153 million to close at $36.261 billion compared to $36.108 billion attainef the previous day.

For the month of September 2021, the nation’s foreign reserve has now gained $2.172 billion, which puts the year-to-date gain at $886.77 million.

 

 

Disclaimer: Abokimallamfx does not set or determine forex rates. The official rates are obtainef from the website of the FMDQOTC through media sources. Parallel market rates are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article