Naira falls at official window as banks receive a boost in forex liquidity

The exchange rate between the naira and the US dollar closed at N411.07/$1 at the official Investors and Exporters window.

Naira depreciated against the US dollar on Monday to close at N411.07 to a dollar, representing a 0.08% loss compared to N410.75/$1 recorded on Friday, 4th June 2021.

However, the naira remained stable against the US dollar on Monday at the parallel market to close at N502 to a dollar. This was the same rate that was recorded on Friday, June 4, 2021.

The dollar supply dropped by 34.5% as the Central Bank of Nigeria announced an increase of forex allocation to deposit money banks for SMEs, travellers, and others, in order to boost liquidity.

Trading at the official NAFEX window

Naira depreciated against the US dollar at the I&E window on Monday, June 7, 2021, to close at N411.07/$1. This represents a 32 kobo drop when compared with the N410.75/$1 recorded the previous day.

Naira depreciated against the US dollar at the I&E window on Monday, June 7, 2021, to close at N411.07/$1. This represents a 32 kobo drop when compared with the N410.75/$1 recorded the previous day.

Credit: NAIRAMETRICS

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