JUST IN: Naira Crashes Further At Official Market Over High Demand

The exchange rate between the naira and the US dollar closed at N414.90/$1, at the official Investors and Exporters window.

This online news platform understands that the Naira depreciated against the US dollar on Friday, to close at N414.90/$1, representing a 0.29% drop when compared to N413.68/$1 recorded on Thursday 23rd September 2021.

Meanwhile, the exchange rate at the parallel market closed at N575/$1 on Friday. This is according to information obtained by Nairametrics from BDC operators in Lagos.

The local currency dropped to a record rate at the official market as demand pressure hit the forex market despite a 10% improvement in dollar supply.

Activities of currency speculators and forex scarcity continue to hit the foreign exchange market as deposit money banks start to comply with the CBN directive to publish the names, BVN and account numbers of forex defaulters.

Trading at the official NAFEX window

The exchange rate fell significantly against the US dollar on Friday, 24th September 2021 to close the day at N414.90 to a dollar, representing a N1.22 drop when compared to N413.68/$1 recorded on Thursday, 23rd September 2021.

The opening indicative rate closed at N413.14/$1 on Friday, representing a 2 kobo drop when compared to N413.12/$1 recorded on Thursday, 23rd September 2021.

An exchange rate of N415.20 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.90/$1, while it sold for as low as N400/$1 during intra-day trading, the same as the previous day.

Meanwhile, forex turnover at the official window rose by 10.08% on Friday, 24th September 2021.

According to data tracked by Nairametrics from the FMDQ, forex turnover increased from $175.86 million recorded on Thursday to $193.59 million on Friday 24th September 2021.

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