BREAKING: Naira Gains In Parallel Market, Resulting In New Exchange Rate

BREAKING: Naira Gains In Parallel Market, Resulting In New Exchange Rate

With a new exchange rate emerging on the parallel market, the Naira has strengthened.

At the official Investors and Exporters (I&E) window, the exchange rate between the Nigerian official currency, the naira, and the US dollar closed at N416.67/$1.

This online news portal has learned that the Naira fell 0.04 percent against the US dollar on Tuesday, closing at N416.67/$1 as opposed to N416.5/$1 as of the closure of trading operations on Monday, February 7th, 2022. Despite a drop in dollar demand, the Naira depreciated at the official window.

The naira, on the other hand, gained ground in the parallel market yesterday, closing at N569/$1 vs N570/$1 in the previous trading session. According to information acquired from BDC operators, this is the case.

On Wednesday morning, the Peer-to-Peer (P2P) forex market saw a similar increase in the exchange rate, with a low of N574.17 to a dollar. In comparison to the previous trading session’s N574.5/$, this indicates a 0.057 percent increase.

Nigeria’s foreign reserve has continued to decline, falling by 0.093 percent to $39.94 billion on Monday, February 7th, 2022.

Trading at the official NAFEX

Read More: Black Market Dollar To Naira Exchange Rate Today 9th February 2022

On Tuesday, February 8th, 2022, the Investors and Exporters window exchange rate closed at N416.67/$1, a 0.04 percent depreciation from the previous trading session’s rate of N416.5/$1.

On Tuesday, the starting indicative rate increased by 56 kobo to N415.98/$1, a decrease of 56 kobo from the previous trading session’s rate of N415.42/$1.

Over intra-day trade, the highest rate recorded was N444/$1 before it ended at N416.67/$1, while it sold for as low as N410/$1 during the same period.
Meanwhile, on Tuesday, currency turnover at the official window fell by 40.4 percent to $74.56 million.

According to FMDQ data, forex turnover at the I&E window decreased from $125.1 million on Monday 7th February 2022 to $74.56 million on Tuesday 8th February 2022.