Thursday, Oct 28th 2021 8:47 AM
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Market Digest Nigeria

Finance

Naira falls against U.S dollar

naira

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

naira

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 abokiFX.com data.

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

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