Naira sustains gain at black market as currency speculators record heavy losses

Tuesday, 3rd August 2021:  The exchange rate between the naira and the US dollar closed at N411.50/$1 at the official Investors and Exporters window.

Naira remained stable against the US dollar to close at N411.50/$1 on Monday, the same rate when compared to N411.50/$1 recorded on the previous day.

Also, naira appreciated at the parallel market to close at N508/$1, having traded at N512/$1 the previous day. This represents a N4 gain when compared to the previous day’s rate.

The naira is heading back to the level it was before the CBN’s sudden decision last week, to stop selling forex to Bureau De Change (BDC) operators.

There appears to be more clarity in the forex market over the CBN’s new policy on BDCs with currency speculators selling off their dollars as they record heavy losses.

Trading at the official I&E window

Naira remained stable against the US dollar at the Investors and Exporters window on Tuesday to close at N411.50/$1, this was the same rate when compared to N411.50/$1 recorded on Monday.

The opening indicative rate also remained stable to close at N411.50/$1 on Tuesday, 3rd August 2021, this was the same rate that it closed at on Monday, 2nd August 2021.