Naira Gains At Official Markets, Appreciates to its Highest Level In 2022

Naira Gains At Official Markets, Appreciates to its Highest Level This Year

Flippstack understands that the exchange rate between the naira and the US dollar closed at N415.33/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira gained massively against the US dollar on Monday to start the week with a 0.16% appreciation to close at N415.33/$1 compared to N416/$1 recorded as of the close of trading activities on Friday, 28th January 2022 which represented the highest level of the local currency against the US dollar so far in the year 2022.

However, the exchange rate at the Peer-to-Peer (P2P) market depreciated marginally by 0.263% to trade at N571.5/$1 on Tuesday morning compared to N570/$1 in the previous trading day.

Highlights

Forex turnover at the official market improved by 17% to $95.07 million compared to $81.29 million recorded in the previous trading session.

• On the other hand, the exchange rate depreciated marginally by 0.263% at the P2P market on Tuesday morning, trading at a minimum of N571.5/$1 compared to N570/$1 recorded on Monday morning.
• Naira closed flat at N568/$1 at the parallel market, the same as recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.
• Nigeria’s foreign reserve declined by $31.26 million on Friday to close at $40.12 billion as of 28th January 2022, representing a 0.08% decline compared to $40.15 billion recorded as of 27th January 2022.

While trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N415.33/$1 on Monday, 31st January 2022, which represents a 0.16% appreciation compared to N416/$1 recorded in the previous trading session.

• The opening indicative rate closed at N415.1/$1 on Monday, which represents 32 kobo appreciation 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 N415.33/$1, while it sold for as low as N405/$1 during intra-day trading.
• Forex turnover at the official window increased marginally by 17% to $95.07 million on Monday, 31st January 2022.
• According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window improved from $81.29 million recorded on Friday 28th January 2022 to $95.07 million on Monday 31st January 2022.

The local currency exchange rate in the parallel market for today opened at ₦566.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 1st January 2022, in Lagos Nigeria, compared to ₦565 per dollar it opened yesterday Monday, January 31st, 2022.

Disclaimer: Flippstack does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

Naira Gains At Official Markets, Appreciates to its Highest Level In 2022