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Foreign Exchange Update: Dec. 2, 2021

December 2, 2021
by
Exchange Update

According to the data at the FMDQ Security Exchange where foreign exchange (forex) is traded officially, exchange rate between the naira and the US dollar opened at N413.94/$1 on Thursday December 2 after it closed at N415.07 to a $1 on Wednesday, 1 December 2021.

At the parallel (black market), dealers at the NARCO end of the Murtala Muhammed International Airport said the local currency was not stable but depreciated further against the US dollar on Thursday to N571/$1 after closing at N570/$1 in the previous trading session.

Similarly, the Central Bank of Nigeria (CBN) has not updated the daily exchange rate on its website on Thursday, as at the time of publishing this update.

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However, it displayed N411.7/$1 on Wednesday December 1, 2021.

The CBN also displayed an exchange rate of N548.4256 to British Pound Sterling on Wednesday December 1, 2021.

Meanwhile, the nation’s external reserves fell by $610million last month, figures obtained from the Central Bank of Nigeria on Thursday revealed.

The reserves dropped to N$41.22billion as of November 29 from $41.83billion on October 29.

The CBN which relies on robust reserves to defend the Naira also disclosed that at the present level, the external reserves could meet the country’s nine-month import demand.

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Chimara Bygold

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