Naira further crashes at official market

The Naira has further crashed at the official market as foreign reserves dipped further.

The exchange rate between the Naira and the US dollar closed at N415.07/$1, at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira depreciated against the US dollar on Wednesday with a 0.07% fall to close at N415.07/$1 compared to N414.8/$1 recorded on Tuesday, 23rd November 2021. Similarly, forex turnover at the official window recorded a marginal decrease of 12.9% to $243.34 million.

 It was gathered that the Naira fell marginally at the parallel market, as it closed at N560/$1, representing a 0.18% depreciation compared to N559/$1 recorded in the previous trading session. This is according to information obtained from BDC operators in Lagos.

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