Naira Appreciates Slightly At Black Market, Trades At N677/$1.

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Wednesday, 17th August 2022: The exchange rate between the naira and the US dollar closed at N429.38/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira appreciated slightly, with a gain of 0.3% to close at N429.38 at the official market; compared to N430.67/$1 recorded in the previous trading session. Notably, forex turnover also increased by 134.4% to stand at $118.14 million traded; from $50.4 million traded on Tuesday, 16th August 2022.

Similarly, Naira traded at N679.5/$1 in the early hours of Thursday, 18th August 2022 at the peer-to-peer FX market; indicating a 0.13% appreciation against the US dollar compared to N680.4/$1 recorded in the previous trading session.

Also, the exchange rate at the parallel market appreciated marginally on Thursday, 18th August 2022; with a gain of 0.44% to trade at N677/$1 from N680/$1 recorded. This is according ot information from black market FX traders across the country.

Nigeria’s external reserves on Tuesday, 16th August 2022, dipped slightly by 0.01% to stand at $38.894 billion from $38.896 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.


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