Naira Appreciates at Official Markets As FX Turnover Drops To Two-Week Low
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. This represent 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.
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.
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.
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.
– Nairametrics