Business - Market Data
Updated: July 07, 2021

Naira Drops at Official Market As Foreign Reserves Decline

By Oluwatosin Ogunjuyigbe
July 07, 2021
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The naira dropped against the dollar at the close of Tuesday trading at the Investors and Exporters window, where forex is traded officially.

Naira declined by 32kobo to close at N411.45/$ on Tuesday as investors weighed the possibility of Africa's largest oil producer improving from the ongoing black gold rally.

Nigeria's external reserve has been on a downward spiral, digging towards its lowest position in four years and a year-to-date decline of over $2 billion.

On the other hand, forex turnover at the Investors and Exporters (I&E) window rose by 54.7% on Tuesday from $71.55 million to $110.67 million.

The naira held stable at the parallel market, as it closed at N503 to a dollar.