Nairametrics
Friday, 18th June 2021: The exchange rate between the naira and the US dollar closed at N411/$1 at the official Investors and Exporters window.
Naira appreciated on Friday against the US dollar to close at N411 to a dollar compared to N411.5/$1 recorded on Thursday, 17th June, 2021.
Also, the exchange rate depreciated at the parallel market to close at N498/$1 compared to N493/$1 recorded on Thursday. This represents a N5 drop after the previous trading day’s significant gain.
The naira fell at the parallel market after the previous trading day’s significant increase due to improved forex supply with speculators losing big as ABCON had warned against hoarding and speculative behaviour by dealers, which they said would result in heavy collateral losses.
The CBN, as a fallout of its meeting with ABCON, has moved to increase forex allocation to BDCs and sustain the funding for about 5,000 members of the association.
Trading at the official NAFEX window
Naira appreciated against the US dollar at the Investors and Exporters window on Friday to close at N411/$1, representing a 50 kobo gain when compared to the N411.5/$1 that was recorded the previous day.
This news originally appeared in Nairametrics.
