The exchange rate between the naira and the US Dollar closed at N412 to a dollar at the Investors and Exporters window.
Naira depreciated yet again at the NAFEX window to close at a record low of N412/$1, representing a 0.03 per cent decline when compared to N411.88/$1 recorded the previous day.
A detailed analysis of the exchange rate movement showed that Naira weakened further against the US Dollar in the parallel market to close at N482/$1Tuesday, despite recording a similar decline on Monday.
This decline at the NAFEX window and at the parallel market came on the back of CBN’s announcement of a Naira4Dollar scheme.
According to the Apex bank, beneficiaries of diaspora remittances will be paid N5 for every $1 remitted through the banks.
Trading at the official NAFEX window showed that Naira depreciated further against the US Dollar to a record low at the Investors and Exporters window on Tuesday, to close at N412 to a dollar.
This represents a 12 kobo decline when compared to N411.88/$1 recorded on the previous trading day.
The opening indicative rate closed at N410.91 to a dollar, representing a 73 kobo gain when compared to N411.64/$1 recorded on Monday.
Also, an exchange rate of N415 to a dollar was the highest rate during intra-day trading before it closed at N412/$1. It also sold for as low as N390/$1 during intra-day trading.
Forex turnover at the Investor and Exporters (I&E) window skyrocketed by 237.7percent on Tuesday, 9th March 2021.
A cursory look at the data tracked from FMDQ showed that forex turnover increased from $32.58  million recorded on Monday, March 8, 2021, to $110.01 million on Tuesday, March 9, 2021.