Naira Falls Massively At Black Market As New Exchange Rate Emerges

Naira Falls Massively At Black Market As New Exchange Rate Emerges

The exchange rate between the naira and the US dollar closed at N416.67/$1 on Monday, 21st February 2022, at the official Investors and Exporters (I&E) window, representing the first positive movement in the official market in the past four trading sessions.

The exchange rate at the I&E window appreciated marginally by 0.02% to close at N416.67/$1 on Monday, 21st February 2022 compared to N416.75/$1 recorded in the previous trading session.

Meanwhile, a total of $141.31 million in FX value exchanged hands on Monday, representing more than double the $64.03 million traded in the previous session.

On the other hand, Naira depreciated marginally by 0.17% to close at $576/$1 on Monday, 21st February 2022 compared to N575/$1 recorded on Friday, 18th February 2022. This is according to information obtained from BDC operators interviewed by Nairametrics.

The exchange rate at the Peer-to-Peer (P2P) forex market depreciated by 0.18% to trade at a minimum of N582.05 to a dollar on Tuesday morning compared to N581/$1 recorded on Monday, 21st February 2022.

While trading at the official NAFEX window 

The exchange rate at the Investors and Exporters window closed at N416.67/$1 on Monday, 21st February 2022, representing a 0.02% gain compared to N416.75/$1 recorded in the previous trading session.

It is worth noting that this is the first upward movement for the local currency in the past four trading sessions at the official FX market.

The opening indicative rate closed at N415.9/$11 on Monday. This represents a 5 kobo depreciation compared to the N415.85/$1 recorded on Friday, 18th February 2022.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.67/$1, while it sold for as low as N410/$1 during intra-day trading,

Meanwhile, forex turnover at the official window surged by 120.69% to $141.31 million on Monday, 21st February 2022.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased to $141.31 million on Monday from $64.03 million recorded on Friday18th February 2022.

Naira Falls Massively At Black Market As New Exchange Rate Emerges