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Naira Weakens at Official Market Despite 122% Rise in Dollar Supply, See Latest Exchange Rate

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The Nigerian Naira marginally depreciated against the US dollar to close at N415.10/$1 on Tuesday at the Investors and Exporters window.

This represents a 0.01% drop when compared to the N415.07 that was recorded on Monday, 25th October 2021.

However, at the parallel market, the naira remained stable against the US dollar on Tuesday to close at N570/$1, representing the same rate when compared to the N570/$1 that was recorded as of the close of trading activities on Monday, 25th October 2021.

This is according to information obtained by Nairametrics from BDC operators in Lagos.

The local currency weakened at the official market despite a 122% significant rise in dollar supply as forex market volatility persists.

The CBN at the unveiling of its digital currency, eNaira, launched an initiative to help address the foreign exchange crisis. The apex bank announced the introduction of a financial instrument that would support 100 companies every 100 days in order to boost production and stave off importation responsible for Nigeria’s forex crisis.

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