THE exchange rate between the naira and the US dollar closed at N414.73/$1, at the official Investors and Exporters window.
Naira depreciated against the US dollar on Wednesday, to close at N414.73/$1, representing a 0.06% drop when compared to N414.50/$1 recorded on Tuesday 28th September 2021.
Meanwhile, the exchange rate at the parallel market closed at N574/$1 on Tuesday. This is according to information obtained by Nairametrics from BDC operators in Lagos.
The naira fell at the official market despite a massive 266.2% increase in dollar supply. The local currency is still hitting record lows against the US dollar at the black market despite the news of Nigeria’s Eurobond sales which is meant to boost the nation’s external reserves.
Nigeria, last week, sold $4 billion Eurobond after investors oversubscribed to the tune of $12.2 billion with the country’s external reserve rising by $2.3 billion in the month of September.
The rise in the external reserve on the back of the Eurobond issue is likely to increase the CBN’s capacity to support the naira.
