Naira profits at official FX market as foreign reserve records first decrease in over 2 months

dollar to naira

Monday, 1st November 2021: The exchange rate between the naira and the US dollar closed at N414.98/$1, at the official Investors and Exporters window. Naira gained against the US dollar to close at N414.98/$1, Monday 1st November 2021, representing a 0.03% appreciation compared to N415.1/$1 recorded at the close of trading activities on Friday.

On the other hand, the naira depreciated against the US dollar at the parallel market on Monday by 0.88% to close at N570/$1 compared to N565/$1 recorded as of the close of trading activities on Friday, 29th October 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

Meanwhile, Nigeria’s foreign reserve recorded the first decline in over 2 months to close at $41.82 billion on Friday, 29th October 2021, representing an $8.8 million drop in the reserve position. The nation’s forex reserve decreased marginally by 0.02% on Friday from $41.828 billion recorded as of the previous day.

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