Naira Falls At I&E Window Despite A 163% Surge In Forex Supply.

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Tuesday, 2nd August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1.

Naira closed on a bearish note, falling by 0.42% to close at N430.67/$1 from N428.88/$1 recorded previously. This is despite the 163.3% increase in forex turnover to $158.68 million.

On the other hand, the exchange rate at the black market recorded a significant appreciation, closing at N670/$1; compared to N718/$1 recorded earlier, representing a 6.69% currency appreciation against the US dollar.

The exchange rate depreciated by 0.12% to close at N420.75/$1 from N420.25/$1.

  • The opening indicative rate closed at N420.1/$1 on Tuesday, 7th June 2022, the same as recorded on Monday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.75/$1, while it sold for as low as N413/$1 during intra-day trading.
  • A total of $113.12 million in FX value was traded in the official I&E window, representing a 129.73% increase compared to $49.24 million traded in the previous trading session.


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