BankingEconomy

Naira closed at N413.68 per USD which indicates a loss at the official market

Naira failed against the US dollar on Monday at the official market, an occurrence triggered by a shortfall in foreign exchange supply.

In the FMDQ exposition naira closed at N413.68 per USD.

However, this shows a N0.80/0.2% shortfall having exchanged for N412.88 on Friday.

According to the report, FX supply decreased on Monday by 60.30% with $91.23 million recorded at the spot market window against the $229.79 million posted last week Friday.

It can be said that naira has gone through an unprecedented decline at the parallel market weeks after the CBN announced its intention to cut off supply to the money changers.

However, the apex bank governor, Godwin Emefiele, on Friday blamed the free fall of the naira to the rates published by AbokiFX, a website that monitors the black market in Lagos Nigeria.

On Friday naira sold for N570 to mark a significant difference of N156.32 between the official window and the parallel FX market.

According to dealers who spoke to a private investigator the rate has not changed as at Monday 20/09/2021.

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