Naira falls to N581/$1 at peer-to-peer parallel market

Naira has fallen to a record low at the peer-to-peer (P2P) parallel market to trade for as high as N581.1 to a dollar. This is according to observations by analysts on P2P exchange applications.

At N581.4/$1 it represents a 0.8% decline compared to N576.6/$1 recorded as of the end of the previous week, hitting a record low. Meanwhile, exchange rate at the black market currently trades flat at $571/$ same as recorded in the previous trading session.

On the other hand, a look at the official Investors and Exporters window shows that naira closed at N416.33/$1 on Monday, 17th January 2022, representing a marginal appreciation compared to N416.5/$1 recorded on Friday, last week.

In a previous week, a sum of $631.89 million exchanged hands at the official forex market, which is higher than the $442.59 million recorded in the previous week.

Meanwhile, Nigeria’s foreign reserve lost $62.59 million on Monday, 17th January 2022, representing a 0.15% decline to stand at $40.42 billion, increasing the year-to-date loss to $104.27 million.