Naira has fallen at P2P Market despite gains recorded at the official window.
NewsOnline reports that the exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N416/$1.
Naira, NewsOnline Nigeria reports, recorded further gains against the US dollar on Wednesday to close at N4167/$1, representing a 1.58% appreciation compared to N422.67/$1 recorded in the previous trading session. In the same vein, forex turnover at the official market increased by 5.4% to $114.95 million compared to $109.07 million that exchanged hands on Tuesday.
On the other hand, exchange rate fell by 0.36% at the P2P market on Thursday morning trading at a minimum of N571/$1 compared to N568.9/$1 recorded on Wednesday.
Meanwhile, at the parallel market, naira depreciated marginally by 0.18% to close at N568/$1 on Wednesday compared to N567/$1 recorded as of the close of the year. This is according to information obtained from BDC operators interviewed by Nairametrics.
Similarly, Nigeria’s foreign reserve started the year with a decline of $2.518 million to close at $40.52 billion as of 4th January 2022, representing a 0.01% decline compared to $40.52 billion recorded as of 31st December 2021. Meanwhile, the continuous decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416/$1 on Wednesday, 5th January 2022, which represents a 1.58% gain compared to N422.67/$1 recorded in the previous trading session
- The opening indicative rate closed at N423.56/$1 on Wednesday, which represents a 2.69kobo appreciation compared to N426.25/$1 recorded in the previous trading session.
- An exchange rate of N452.13/$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 increased marginally by 5.4% to $114.95 million on Wednesday, 5th January 2022.
- According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $109.07 million recorded on Tuesday 4th January 2022 to $114.95 million on Wednesday 5th January 2022.
Meanwhile, NewsOnline Nigeria reports that the USD started this week at ₦560 in Parallel Market also known as Black Market on Monday, January 3, 2022 in Lagos Nigeria, after it opened at ₦555 last week Monday, December 27, 2021.
Disclaimer: NEWSONLINE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.