Naira remains stable across FX markets
The exchange rate between the naira and the US dollar closed at N415.75/$1 at the official Investors and Exporters (I&E) window.
Naira depreciated against the US dollar on Tuesday with a 0.1% downtrend to close at N415.75/$1 compared to N415.33/$1 recorded as of the close of trading activities on Monday, 31st January 2022.
On the other hand, the exchange rate at the Peer-to-Peer (P2P) market appreciated marginally by 0.262% to trade at N570/$1 on Wednesday morning compared to N571.5/$1 in the previous trading day.
Forex turnover at the official market surged by 73.9% to $165.3 million compared to $95.07 million recorded in the previous trading session.
On the other hand, the exchange rate appreciated marginally by 0.262% at the P2P market on Wednesday morning, trading at a minimum of N570/$1 compared to N571.5/$1 recorded on Tuesday 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.
Nigeria’s foreign reserve declined by $80.55 million on Monday to close at $40.04 billion as of 31st January 2022, representing a 0.2% decline compared to $40.12 billion recorded as of 28th January 2022. This means that the external reserve declined by $481.4 million in January 2022.
The exchange rate at the Investors and Exporters window closed at N415.75/$1 on Tuesday, 1st February 2022, which represents a 0.1% depreciation compared to N416.33/$1 recorded in the previous trading session
The opening indicative rate closed at N415.18/$1 on Tuesday, which represents 8 kobo depreciation compared to N415.1/$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 N415.75/$1, while it sold for as low as N408/$1 during intra-day trading.
Forex turnover at the official window increased by 73.9% to $165.3 million on Tuesday, 1st February 2022.
According to data tracked from FMDQ, forex turnover at the I&E window improved from $95.07 million recorded on Monday 31st January 2022 to $165.3 million on Tuesday 2nd January 2022.
