As it closed at N415.07/$1,the Naira was stable against the US dollar on Thursday . Being the same rate that recorded in the previous trading sessions, a drop in the country’s external reserves continues with a decline of $20 million.
However, the naira depreciated against the US dollar on Thursday as it closed at N570/$1. This represents a N2 drop when compared to the N568/$1 that was recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.
he local currency remained stable at the official market as the forex turnover rose significantly by 100.6% during Thursday’s trading session.
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The exchange rate at the Investors and Exporters window remained stable to close at N415.07/$1 on Wednesday, the same rate that was recorded at the last trading session.
The opening indicative rate also remained stable to close at N413.71/$1 on Thursday, which was the same rate that was recorded in the previous trading session.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N415.07/$1, while it sold for as low as N404/$1 during intra-day trading.
Forex turnover at the official window rose by 100.62% to trade at $453.38 million on Thursday.
According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $225.99 million on Wednesday 8th December 2021, to $453.38 million on Thursday 9th December 2021. (Nairametrics )
