Categories: Economy And Business Headline

Naira Falls To N620/$1 At Peer-To-Peer Market As FX Scarcity Persists

Nigeria’s external reserves increased by 0.03% on Friday, 8th July 2022 to stand at $39.35 billion from $39.34 billion recorded the previous day

Advertisement
Advertisement

Naira has fallen to N620/$1 in the peer-to-peer market as FX scarcity persists.

 

 

Newsonline reports that the exchange rate between the naira and the US dollar closed at N424.58/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

 

ALSO: Black Market Dollar To Naira Exchange Rate Today 14 July 2022

 

This online newspaper understands that the naira appreciated slightly against the US dollar at the official market on Wednesday, with a 0.36% gain to close at N424.58/$1, following a 25.01% increase in forex turnover. Specifically, a total of $60.84 million in FX value exchanged hands in the market on Wednesday compared to $48.67 million that was traded in the previous trading session.

 

 

On the other hand, the exchange rate at the parallel market depreciated to N618/$1 on Wednesday, falling by 0.49% compared to N615/$1 recorded on Friday, the previous week. This is according to information from Bureau De Change operators.

 

Also, the exchange rate at the peer-to-peer market depreciated by 0.72% on Thursday morning to trade at a minimum of N620.41/$1 compared to N616/$1 recorded on Wednesday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

Nigeria’s external reserves increased by 0.03% on Friday, 8th July 2022 to stand at $39.35 billion from $39.34 billion recorded the previous day. This represents the 23rd straight day of improvement for the nation’s foreign reserve.

 

The external reserve 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.

Trading at the official NAFEX window

 

  • The exchange rate at the official market appreciated on Wednesday, 13th July 2022, gaining 0.36% to close at N424.58 to a dollar as against the N426.13/$1 recorded on Friday, 8th July 2022.
  • The opening indicative rate closed at N424.4/$1 on Wednesday, 13th July 2022, from N423.85/$1 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 N424.58/$1, while it traded as low as N411.42/$1 during intra-day trading.
  • A total of $60.84 million in FX value exchanged hands on Wednesday, which is 25.01% higher than the $46.67 million that was traded in the previous trading session.
Advertisement
NewsOnline Nigeria

Recent Posts

  • Economy And Business

BREAKING: Petrol Marketers Predict Further Major Drop In Fuel Price

Petrol Marketers have predicted a further major drop in fuel prices from today across Nigeria.…

23 minutes ago
  • Crime Watch

FG Moves To Arraign Terrorists Linked To Bello Turji Group

FG has moved to arraign all the suspected terrorists linked to the Bello Turji group.…

28 minutes ago
  • Headline

BREAKING: FG Declares 3 Days Public Holiday For Christmas, New Year Celebrations

FG has declared 3 days of Public Holiday for Christmas and New Year Celebrations in…

37 minutes ago
  • Featured

Open Heaven 23 December 2024 RCCG Daily Devotional

Open Heaven 23 December 2024 RCCG Daily Devotional can be accessed below.   NewsOnline Nigeria…

41 minutes ago
  • Exchange Rates

Black Market Dollar To Naira Exchange Rate In Lagos, FCT, 23 December 2024

Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 23rd December 2024.…

45 minutes ago
  • Economy And Business

BREAKING: PDP Knocks President Tinubu Over Deadly Stampede For Food

PDP has knocked President Tinubu over a deadly stampede for food across states and FCT…

14 hours ago