Tuesday, 16th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1; at the Investors and Exporters (I&E) window, where forex is traded officially.
Naira depreciated by 0.16% to close trading at N430.67 at the official market. This follows a 62.5% decline in the amount of traded FX in the market. Notably, forex turnover fell from $134.3 million to $50.4 million on Tuesday, 16th August 2022.
Similarly, Naira depreciated on Wednesday morning, trading at a minimum of N680.4/$1 compared to N676.38/$1 recorded in the previous trading session.
Nigeria’s external reserves on Monday, 15th August 2022, continued its uptrend after gaining 0.03% to stand at $38.89 billion from $38.88 billion recorded as of the previous week. The reserve level had been on a downturn in recent times; due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility.
Trading at the official NAFEX window
The exchange rate at the official market depreciated on Tuesday, 16th August 2022 by 0.16% to close at N430.67 to a dollar compared to N430/$1 recorded on Monday, 15th August 2022.