The exchange rate between the naira and the US dollar closed at N415.1/$1, at the Investors and Exporters window, where forex is traded officially. Naira closed flat on Friday against the US dollar to close at N415.1/$1, the same as recorded in the previous trading session and a 0.01% depreciation compared to N415.07/$1 recorded on Wednesday, 27th October 2021.

On the flip side, naira gained against the US dollar at the parallel market on Friday by 0.88% to close at N565/$1 compared to N570/$1 recorded as of the close of trading activities on Thursday, 28th October 2021. This is according to information obtained by Nairametrics from BDC operators in Lagos.

Nigeria’s foreign reserve continues to record positive gains, closing at $41.83 billion on Friday, 29th October 2021, representing a $22.2 million boost in the reserve position. The nation’s forex reserve increased by 0.05% on Friday from $41.81 billion recorded as of the previous day.

The exchange rate remained flat against the US dollar on Friday, 29th October 2021, averaging N415.088 for the week.

The opening indicative rate closed at N414.49/$1 on Friday, which represents a 36 kobo depreciation compared to N414.13/$1 recorded in the previous trading day.

An exchange rate of N444 to a dollar was the highest rate recorded during intra-day trading before it settled at N415.1/$1, while it sold for as low as N405/$1 during intra-day trading.

Meanwhile, forex turnover at the official window dropped by 64.5% on Friday, 29th October 2021.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $263.7 million recorded on Thursday to $93.71 million on Friday 29th October 2021.