Naira Drops In Forex Market Despite Notable Rise In Dollar Supply By 81%

Exchange rate between the naira and the U.S Dollar closed at N411.50/$1 on Friday 6th August, 2021, which represented a 0.06% drop when compared to N411.25/$1 that was reported by Prime Business Africa on Thursday 5th August 2021.

According to data traced on FMDQ website, naira depreciated at the parallel market to close at N510/$1 on Friday having traded at N508/$1 on Thursday which represents a N2 drop when compared to the previous day’s rate.

The naira weakened across the forex market due to the pressure in demand despite a significant rise in dollar supply by 81.2%.

Against the Investors and Exporters window, the naira depreciated and closed at N411.50/$1 on Friday, which represents a 25kobo drop when compared to N411.25/$1 recorded on Thursday.

An exchange rate of N412.50/$1 was the highest rate recorded during intra-day trading before it settled at N411.50/$1 while it sold for N400/$1

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