Naira Keeps Crashing Against Dollar Despite 394% Increase In Supply

Naira has depreciated against US Dollar at the NAFEX window to close at N409.75 to dollar.

The exchange rate between the naira and the US Dollar closed at N409.75/$1 at the Investors and Exporters window on Friday, 26th March 2021.

Naira depreciated against the US Dollar on Thursday, 25th March 2021 after witnessing two consecutive gains at the NAFEX window to close at N409.75 to a dollar.

This represents a 0.24% decline, when compared to N408.75/$1 recorded on Wednesday, 24th March 2021.

Naira Recovery Against Dollar To Begin February 2021 – CBN Reveals

However, in the parallel market, the naira remained relatively stable, as it closed at N486/$1, which is the same as recorded in the previous trading session.

Forex turnover on the other hand jumped by 394.4% from $34.76 million recorded on the previous day to $171.85 million as oil price continues its bearish trend.

Naira depreciated against the US Dollar at the Investors and Exporters window on Thursday to close at N409.75/$1. This represents a N1 decline when compared to N408.75/$1 recorded on Wednesday, 24th March 2021.

The opening indicative rate closed at N409.21 to a dollar on Thursday. This represents an 80 kobo gain when compared to N409.78/$1 recorded on Tuesday.

CBN Devalues Naira By N6 In Move To Unify Exchange Rates

Also, an exchange rate of N411.4 to a dollar was the highest rate recorded during intra-day trading before it closed at N409.75/$1. It also sold for as low as N393/$1 during intra-day trading.

Forex turnover at the Investor and Exporters (I&E) window increased significantly by 394.4% on Thursday, 25th March 2021.

A cursory look at the data tracked by Nairametrics from FMDQ showed that forex turnover increased from $34.76 million recorded on Wednesday, March 24, 2021, to $171.85 million on Thursday.

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