Exchange Rate Falls to N500/$1 at Black Market as Forex Speculators Intensify Their Activities

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The exchange rate between the naira and the US dollar closed at N411.67/$1 at the official Investors and Exporters window.


Naira depreciated on Monday against the US dollar to close at N411.67 to a dollar compared to N411/$1 recorded on Friday, 18th June 2021.


Also, the exchange rate depreciated at the parallel market to close at N500/$1 on Monday, June 21, 2021. This represents a N2 drop when compared to the N498/$1 that was recorded on Friday, June 18, 2021.


The drop in the value of the naira at the black market continued due to activities of speculators and lower liquidity at the forex market.


Naira depreciated against the US dollar at the Investors and Exporters window on Monday to close at N411.67/$1, representing a 67 kobo drop when compared to the N411/$1 that was recorded the previous day.


The opening indicative rate closed at N411.04 to a dollar on Monday, 21st June 2021, representing a 54 kobo gain when compared to the N411.58/$1 recorded on Friday, 18th June 2021.


Also, an exchange rate of N420.88/$1 was the highest rate recorded during intra-day trading, before it settled at N411.67/$1. It also sold for as low as N400/$1 during intra-day trading.

Forex turnover at the Investors and Exporters (I&E) window dropped by 33.5% on Monday, 21st June 2021.

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