Naira falls at P2P market, trades as high as N444/$1 at official window
The exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N416.25/$1, while it traded as high as N444/$1 before settling lower.
Naira gained further against the US dollar on Wednesday albeit a marginal appreciation of 0.02% to close at N416.33/$1 compared to N416.25/$1 recorded in the previous trading session.
The exchange rate has maintained an average of N416.69 to a dollar since the beginning of the New Year.
Forex turnover at the official market increased by 28.9% to $123.13 million as against the $95.52 million recorded in the previous trading session.
On the other hand, exchange rate fell to N582.5/$1 at the P2P market on Thursday morning, trading at a minimum of N582.5/$1 compared to N580/$1 recorded on Wednesday.
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
Nigeria’s foreign reserve declined by $26.77 million on Tuesday to close at $40.21 billion as of 25th January 2022, representing a 0.07% decline compared to $40.24 billion recorded as of 24th January 2022.
The exchange rate at the Investors and Exporters window closed at N416.25/$1 on Wednesday, 25th January 2022, which represents a 0.02% appreciation compared to N416.33/$1 recorded in the previous trading session
The opening indicative rate closed at N415.36/$1 on Wednesday, which represents 15 kobo depreciation compared to N415.21/$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 N416.25/$1, while it sold for as low as N410/$1 during intra-day trading.
Forex turnover at the official window increased by 28.9% to $123.13 million on Wednesday, 26th January 2022.
According to data tracked from FMDQ, forex turnover at the I&E window improved from $95.52 million recorded on Tuesday 25th January 2022 to $123.13 million on Wednesday 26th January 2022.
