Naira Gains Massively Against Dollar At Official Market Exchange Rate

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