Naira has fallen massively across forex markets as the foreign reserve gains.
Newsonline reports that the exchange rate between the naira and the US dollar closed at N430.67/$1 at the official foreign exchange market.
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This online newspaper understands that the naira depreciated against the US dollar on Tuesday, representing the second consecutive bearish movement after the exchange rate dipped by 0.29% to close at N430.67/$1 compared to N429.43/$1 recorded in the previous trading session at the Investors and Exporters window.
In the same vein, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N692.9/$1 on Wednesday morning, a 0.28% depreciation when compared to N691/$1 recorded as of the same time on Tuesday.
Also, naira dipped against the US dollar at the parallel market on Tuesday, depreciating by 0.15% to close at N688/$1 from N687/$1 recorded on Monday, 22nd August 2022. This is according to information from black market FX traders.
Nigeria’s external reserves improved slightly by 0.07% on Monday, 22nd August 2022, to stand at $38.94 billion from $38.91 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility. However, improved non-oil export earnings is beginning to elevate the reserves, albeit very low.
Trading at the official NAFEX window
The exchange rate at the official market closed at N430.64/$1 to a dollar on Tuesday, 23rd August 2022 recording a dip of 0.29% compared to N429.43/$1 recorded on Monday, 22nd August 2022.
- The opening indicative rate closed at N429.07/$1 on Tuesday, 23rd August 2022, the same as recorded in the previous trading session.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N430.67/$1, while it traded as low as N417/$1 during intra-day trading.
- A total of $175.67 million in FX value was traded on Tuesday, which is 8.48% higher than the $161.94 million that exchanged hands on Monday, 22nd August 2022.
