The exchange rate between the naira and the US dollar closed at N420.5/$1 at the Investors and Exporters (I&E) window.
Naira closed slightly weaker on Wednesday with a 0.05% depreciation to close at N420.5/$1 compared to N420.28/$1 recorded in the previous trading session. This is according to information from the website the FMDQ Exchange.
Naira grew weaker against the US dollar on Thursday despite improvement in FS supply at the official market. The exchange rate declined by 0.12% to close at N420.5/$1 compared to N420/$1, which it closed on Wednesday. This is according to information culled from the website the FMDQ Exchange.
The Naira on Wednesday depreciated at the Investors and Exporters window, exchanging at N420.50 to the dollar, a 0.05 depreciation against N420.27 traded on Tuesday.
The open indicative rate closed at N419.46 to the dollar on Wednesday. An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N420.50.
The Naira sold for as low as N412 to the dollar within the day’s trading.
A total of $71.99 million in FX value exchanged hands on Wednesday as against the $108.06 million that was traded in the previous day, representing a 33.38% decrease.
The exchange rate at the parallel market depreciated by 0.66% to trade at N611/$1 on Thursday morning, from N607/$1 recorded as of the previous trading session. This is according to information from BDC operators.
The Naira which opened trading at N419.71 closed at N421.33 to a dollar at the close of business on Monday.
Meanwhile, the exchange rate at the peer-to-peer market recorded a slight uptick on Thursday morning, trading at N612.85/$1 compared to N613/$ recorded as of the same time on Wednesday, 22nd June 2022.
Nigeria’s external reserves increased by 0.07% on Tuesday, 21st June 2022 to stand at $38.82 billion from $38.79 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Naira broke off the #590 marking of the black market in March, due to forex scarcity and since then, has been on the rise. Exchangers at the black market attributed the continuous fall of the naira against the dollar to scarcity of forex they are currently experiencing.
