Forex Supply Falls Further To $54 Million As Exchange Rate Remains Stable.

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Monday, 29th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1; at the Investors and Exporters window, where forex is traded officially.

Naira remained stable at the I&E window, closing at the same rate recorded in the previous trading session. Despite the further decline in the amount of forex traded at the official market. Specifically, forex turnover decreased by 34.3% to $54.13 million from $82.38 million recorded on Friday, 26th August 2022.

Meanwhile, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N699.29/$1 on Friday morning, a 0.09% appreciation when compared to N699.92/$1 recorded.

The exchange rate at the official market closed at N430.33/$1 to a dollar, the same as recorded in the previous trading session.

Furthermore, an exchange rate of N432/$1 was the highest rate recorded before it settled at N430.33/$1; while it traded as low as N417/$1 during intra-day trading.


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