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Tuesday, August 9, 2022

Continuous Naira Fall: Exchange Rate Dwindles, Approaches N600/$1 At P2P Market

At the Investors and Exporters (I&E) window, where forex is formally transacted, the naira and the US dollar exchange rate closed at N417/$1.

Following the lengthy Easter weekend, Naira gained 0.12 percent against the US dollar on Tuesday, closing at N417/$1, up from N417.5/$1 at the close of trading last week Thursday.

On Tuesday, however, a total of $155.44 million was traded, down 20.81 percent from the $196.28 million moved in the previous trading session.

On Tuesday morning, the peer-to-peer market’s exchange rate plummeted even lower to N591.1/$1, the highest rate since we began tracking the market. It also marks a 0.19 percent drop from the N590/$1 rate on Thursday, April 14th, 2022.

AIHS 2022

In a similar vein, the parallel market currency rate closed at N589/$1 on Thursday, down 0.17 percent from the N588/$1 exchanged last week Wednesday. According to information collected from BDCs in Nigeria, this is the case.

Meanwhile, Nigeria’s foreign reserves continue to grow as the price of crude oil rises. On Thursday, April 14th, 2022, the external reserve increased by 0.02 percent to $39.74 billion, up from $39.73 billion the day before. The Central Bank has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency.

The exchange rate at the Investors and Exporters window closed at N417/$1 on Tuesday, 19th April 2022, representing a 0.12% appreciation compared to N417.5/$1 recorded in the previous trading session.

The opening indicative rate closed at N417.45/$1 on Tuesday, 19th April 2022, which is 5 kobo higher than the N417.4/$ recorded in the previous trading session.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N417/$1, while it sold for as low as N410/$1 during intra-day trading,

A total of $155.44 million was traded in FX at the official Investors and Exporters window on Tuesday.

According to the data from the FMDQ, forex turnover decreased by 20.81% from $196.28 million recorded last week Thursday to $155.44 million on Tuesday, 19th April 2022.

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