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Naira Crashes to N540 at Black Market, disparity now N130



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Thursday, 9th September 2021: The exchange rate between the naira and the US dollar closed at N411.67/$1, at the official Investors and Exporters window.

Naira depreciated further against the US dollar on Thursday, to close at N411.67/$1 compared to N411.5/$1 recorded at the close of trade on Wednesday, 8th September 2021, representing a 0.04% fall.

The exchange rate at the parallel market slumped to a new record on Thursday to close at N540/$1 compared to N535/$1 recorded in the previous trading session. This represents a 0.93% depreciation and further widens the gap between the black market rate and the official rate.

The persistent fall of the exchange rate at the parallel market has been attributed to demand pressure from Investors who couldn’t obtain forex from the banks. The latest depreciation at the black market takes the gap between the two forex markets to a massive N128.33.

Nigeria’s foreign reserves recorded a further boost of $102.45 million on Wednesday, 8th September to close at $34.69 billion, compared to $34.59 billion recorded a day before. The reserve position has gained $681.6 million so far in the month of September 2021.

Trading at the official NAFEX window
The exchange rate depreciated against the US dollar on Thursday 9th September 2021 to close at N411.67 to a dollar, representing a 0.04% fall compared to N411.5/$1 recorded in the previous trading day.

The opening indicative rate closed at N411.43/$1, a 15 kobo appreciation compared to N411.58/$1 recorded on Wednesday, 8th September 2021.

An exchange rate of N412.85 to a dollar was the highest rate recorded during intra-day trading before it settled at N411.67/$1, while it sold for as low as N400/$1 during intra-day trading.

Meanwhile, forex turnover at the Investors and Exporters (I&E) window decreased by 61.2% on Thursday, 9th September 2021.

According to data tracked by a source online( Nairametrics) from FMDQ, forex turnover dropped from $295.39 million recorded on Wednesday to $114.68 million on Thursday 9th September 2021.


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