Chimara Bygold
According to data at the FMDQ Security Exchange where foreign exchange (forex) is traded officially, the exchange rate between the naira and the US dollar opened at 413.85/$1 on Monday, December 6 after it closed at N414.73 to a $1 on Friday, 3 December 2021.
At the parallel (black market), dealers at the NARCO end of the Murtala Muhammed International Airport said the local currency exchanges for N565.55/US$1 on Monday, December 6, 2021. The NGN/US$ exchange rate closed flat at N430.00/US$1 at the Interbank Foreign Exchange market amid CBN’s weekly injections of US$210 million into the market.
Similarly, the Central Bank of Nigeria (CBN) has not updated the daily exchange rate on its website on Monday, as at the time of publishing this update.
However, it displayed 411.74/$1 as of Friday, December 3, 2021.
The CBN also displayed an exchange rate of 546.2555 to the British Pound Sterling on Friday.
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
