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Naira remains flat against dollar at parallel market

Nigeria’s foreign reserve retreated for the second time in a row as it declined by $29.35 million to close at $41.79 billion as of Monday, November 1.

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NairaWatch

Techeconomy.ng gathered that naira remained flat against the US dollar at the parallel market on Tuesday to close at N570/$1, as it recorded the same on Monday, November 1.

The exchange rate between the naira and the US dollar closed at N415.07/$1, at the official Investors and Exporters window.

Naira fell against the US dollar to close at N415.07/$1 on Tuesday 2nd November 2021, representing a 0.02% depreciation compared to N414.98/$1 recorded at the close of trading activities on Monday.

Nigeria’s foreign reserve retreated for the second time in a row as it declined by $29.35 million to close at $41.79 billion as of Monday, November 1.

The figure represents a 0.07% drop compared to $41.82 billion as of 29th October 2021.

The exchange rate depreciated against the US dollar on Tuesday, 2nd November 2021, to close at N415.07/$1 compared to N414.98/$ recorded in the previous trading session. This represents a 0.02% fall in the exchange rate.

The opening indicative rate closed at N415.07/$1 on Tuesday. This is 14 kobo higher when compared to N414.12/$1 recorded in the previous trading day.

An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.07/$1, while it sold for as low as N404/$1 during intra-day trading. The highest rate recorded during the day has been the same in the past six trading sessions.

Forex turnover at the official window depreciated significantly to its lowest level since August 20th. Forex liquidity declined by 61% on Tuesday, 2nd November 2021.

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