Thursday, Oct 28th 2021 8:47 AM

Market Digest Nigeria


Naira falls against U.S dollar


Nigeria’s currency, the Naira fell further against the dollar on Thursday as market liquidity also dropped.


According to data from the FMDQ Importers and Exporters window, where forex is officially traded, the Naira closed at N411.31/$1 on Thursday, compared to N410.75/$1 on Wednesday.

This represents a depreciation of N0.56, or 0.14 percent.

This occurred as forex turnover fell by 8.45 percent to $120.08 million, down from $131.16 million on Wednesday.

Market participants bid for Naira at N386.00, and N421.00, before the market closed at N411.31.

On the parallel market, however, the Nigerian naira remained unchanged against the US dollar.

The currency remained at N484.00 on Thursday, the same rate it has been trading at for the past six days, according to data.

The difference in exchange rates at the end of yesterday’s trading sessions in official and unofficial markets was N72.69.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

To Top
Get the best of Market Digest Nigeria financial news
delivered to your inbox daily!
By clicking Give it a try, I hereby: Agree and Consent to the Terms of Use and the Privacy Policy
& I may receive free newsletters & promotions from this site and can choose to unsubscribe anytime.