Naira Gains Massively Against Dollar At Official Market Exchange Rate
The Local currency Naira has gained massively over the US dollar at the official Investors and Exporters (I&E) window after it closed at N416/$1 on Friday, representing a 0.08% gain compared to N416.33/$1 recorded in the previous trading session. On the other hand, forex turnover at the official market increased by 57.5% to $142.42 million compared to $90.42 million that exchanged hands on Thursday.
On the other hand, the exchange rate fell by 0.09% at the P2P market on Monday morning, trading at a minimum of N579.5/$1 compared to N579/$1 recorded as of the close of trading activities on Friday.
However, Naira remained flat at N570/$1 at the parallel market, maintaining the same rate in the past three trading sessions. This is according to information obtained from BDC operators interviewed by Nairametrics.
Nigeria’s foreign reserve recorded a marginal decline of $30.5 million to close at $40.3 billion as of 20th January 2022, representing a 0.08% decline compared to $40.54 billion recorded as of 19th January 2022.
While trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416/$1 on Friday, 21st January 2022, which represents a 0.08% appreciation compared to N416.33/$1 recorded in the previous trading session
The opening indicative rate closed at N414.76/$1 on Friday, which represents 66 kobo depreciation compared to N415.42/$1 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 N416/$1, while it sold for as low as N406/$1 during intra-day trading.
Forex turnover at the official window increased 57.5% to $142.42 million on Friday, 21st January 2022.
According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $90.42 million recorded on Thursday 20th January 2022 to $142.42 million on Friday 21st January 2022.
Naira Gains Massively Against Dollar At Official Market Exchange Rate