Forex turnover falls to lowest in three months
The exchange rate between the naira and the US dollar closed at N416.33/$1 at the official Investors and Exporters (I&E) window.
Naira depreciated against the US dollar during the weekend with a 0.06% fall to close at N416.33/$1 compared to N416.07/$1 recorded as of the close of trading activities on Thursday, 3rd February 2022. In the same vein, the amount of FX that exchanged hands at the official window well to its lowest in almost 3 months.
Similarly, the exchange rate depreciated at the Peer-to-Peer (P2P) forex market, trading at a minimum of N574.27 to a dollar on Monday morning compared to N572.8/$1 recorded in the previous trading session.
Meanwhile, Naira closed slightly higher at the parallel market on Friday 4th February 2022, to close at N568/$1 compared to N569/$1 recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.
Nigeria’s foreign reserve reduced marginally by $1.99 million on Thursday to close at $39.982 billion as of 3rd February 2022, representing a 0.005% decline compared to $39.984 billion recorded as of 2nd February.
The exchange rate at the Investors and Exporters window closed at N416.33/$1 on Friday, 4th February 2022, which represents a 0.06% depreciation compared to N416.07/$1 recorded in the previous trading session
The opening indicative rate closed at N415.51/$1 on Friday, which represents a 17 kobo improvement compared to N415.68/$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 N416.33/$1, while it sold for as low as N410/$1 during intra-day trading.
Forex turnover at the official window fell significantly by 58.4% to $67.71 million on Friday, 4th February 2022.
According to data tracked from FMDQ, forex turnover at the I&E window decreased from $162.7 million recorded on Thursday 3rd February 2022 to $67.71 million on Friday 4th January 2022. This represents the smallest daily turnover at the market since November 16th 2021.
