Naira Weakens As Dollar Supply Drops By 18.14%

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At the close of market on Thursday 5th August 2021, Naira appreciated against the US Dollar by 0.06% gain.

The market closed with N411.25/1$ compared to N411.50/1$ that was recorded on Wednesday 4th, August, 2021.

However, naira depreciated against the U.S dollar at the parallel market to close at 508/1$ Thursday, having traded at N506/$ on Wednesday which represents a N2 drop when compared to the Wednesday’s rate.

The Naira weakened at the black market as dollar supply dropped by 18.14% on Thursday.

Although, the forex market appears to be stabilizing since after the market panic caused by CBN’s decision to halt allocating foreign exchange to BDCs operators.

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At the I&E window, Naira depreciated to close at N411.25/$ that represents a 25kobo gap when compared to N411.50/$ that was recorders at the close of market on Wednesday.

According to data tracked from FMDQ website, forex turnover declined from $126.92m on Wednesday to $103.90million on Thursday.

Prime Business Africa had reported yesterday that FX turnover increased from $115.17m recorded on Tuesday, to $126.92m on Wednesday.

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