Newsonline reports that the exchange rate between the naira and the US dollar closed at N420/$1 at the Investors and Exporters (I&E) window.
Naira gained against the USD on Wednesday, appreciating by 0.18% to close at N420/$1 compared to N420.75/$1 recorded in the previous trading session. This is according to information culled from the website the FMDQ Exchange.
Similarly, the amount of FX that was traded in the I&E window increased by 8.29% to $124.62 million from $115.1 million that exchanged hands in the previous trading session.
The exchange rate at the parallel market remained stable on Wednesday, having closed at N607/$1, the same as recorded during the previous trading session. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market appreciated by 0.03% on Thursday morning, trading at N609.74/$ compared to N609.95/$ recorded as of the same time on Wednesday, 15th June 2022.
Nigeria’s external reserves appreciated by 0.18% on Tuesday, 14th June 2022 to stand at $38.62 billion from $38.55 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.
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