The Naira Depreciates In The Black Market As The Central Bank Of Nigeria Modifies The Official Rate

Tuesday, 25th May 2021: The naira-dollar exchange rate finished at N411.56/$1 in the Importers and Exporters window, where forex is formally transacted.

On Tuesday, the naira declined against the US dollar at the official NAFEX window, closing at N411.56 to the dollar. This is a 0.08 percent decrease from the N411.25/$1 rate on Monday, 24th May 2021.

Additionally, the Naira fell on the parallel market, ending Tuesday, May 25, 2021, at N487/$1. This represents a N1 decline from the previous day’s N486/$1 level.

The Central Bank of Nigeria made further adjustments to the exchange rate and formally recognized the NAFEX rate as the official rate.

Trading at the official NAFEX window, the naira declined against the US dollar on Tuesday, closing at N411.56/$1, down 31 kobo from the previous day’s close of N411.25/$1.

The opening indicative rate remained pretty constant, closing on Tuesday, 25th May 2021, at N411.01 to the dollar.

The highest intra-day rate recorded was N420.50 to the dollar, before it settled at N411.56/$1. Additionally, it traded at a low of N363/$1 during intra-day trading.

On Monday, 24th May 2021, forex turnover at the Investors and Exporters (I&E) window climbed dramatically by 136.13 percent.

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