Naira Gains At P2P And Official Markets FX turnover drops to two-week low See New Exchange Rate below.
NewsOnline reports that the exchange rate between the naira and the US dollar closed at N416/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Naira gained against the US dollar on Friday to its highest level during the week to close at N416/$1, representing a 0.08% appreciation compared to N416.33/$1 recorded in the previous trading session, indicating a year-to-date average rate of N416.62/$1.
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Similarly, exchange rate at the Peer-to-Peer (P2P) market appreciated significantly to its highest level in over three weeks, trading at N570/$1 in the early hours of Monday 31st January 2022.
Highlights
Forex turnover at the official market decreased by 28.5% to $81.29 million as opposed to the $113.71 million recorded in the previous trading session. This represents the lowest turnover at the official FX market in over two weeks.
- On the other hand, the exchange rate appreciated by 1.687% at the P2P market on Monday morning, trading at a minimum of N570/$1 compared to N579.78/$1 recorded on Friday 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 interviewed by NewsOnline Nigeria.
- Nigeria’s foreign reserve declined by $32.7 million on Thursday to close at $40.15 billion as of 27th January 2022, representing a 0.08% decline compared to $40.18 billion recorded as of 26th January 2022.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416/$1 on Friday, 28th January 2022, which represents a 0.08% appreciation compared to N416.33/$1 recorded in the previous trading session
- The opening indicative rate closed at N415.42/$1 on Friday, which represents 32 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 N416/$1, while it sold for as low as N405/$1 during intra-day trading.
- Forex turnover at the official window decreased by 28.5% to $81.29 million on Friday, 28th January 2022.
- According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window dropped from $113.71 million recorded on Thursday 27th January 2022 to $81.29 million on Friday 28th January 2022.
The local currency opened at N570.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 31 January 2022, in Lagos Nigeria, after it closed N570.00 per $1 on Sunday, 30 January 2022.
Even though the dollar to naira opened in the parallel market at ₦570 per $1 today, Newsonline reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Newsonline Nigeria reports that at the black market, the players buy a dollar for N565 and sell for N570 on Monday morning, January 31, 2022 after they bought N565 and sold for N570 on Sunday morning, January 30.
Meanwhile, Newsonline Nigeria reports that the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, January 31, 2022 in Lagos Nigeria, same amount it opened at last week Monday, January 24, 2021.
