Thursday, 23rd December 2021: The exchange rate between the naira and the US dollar finalizes at N414.73/$1 at the official Investors and Exporters (I&E) window.
Naira appreciated against the US dollar on Thursday to close at N414.73/$1, representing a 0.09% gain when compared to N415.1/$1 recorded in the previous trading session. This is despite the significant fall in the volume of forex turnover at the official window. FX turnover dropped by 49.9% on Thursday to $107.92 million.
On the other hand, naira fell marginally against the US dollar on Thursday at the parallel market to close at N572/$1, from an average of N571/$1 recorded in the previous day. This is according to information obtained from BDC operators interviewed by Nairametrics.
Nigeria’s foreign reserve reduced by 0.03% on Wednesday, 22nd December to close at $40.6 billion compared to $40.61 billion recorded as of the previous day. The continuous decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.
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