The exchange rate between the naira and the US dollar closed at N424.88/$1 at the Investors and Exporters (I&E) window.
Naira depreciated against the US dollar on Wednesday, falling by 0.8% to close at N424.88/$1 compared to N421.5/$1 recorded in the previous trading sessions. This represents the lowest level reached by the local currency between January to date as FX shortages linger.
A total of $112.83 million in FX value was traded on Wednesday as against the $206.65 million that was traded on Tuesday, 28th June 2022, representing a 45.4% decrease. This is according to information from the website the FMDQ Exchange.
The exchange rate at the parallel market remained flat on Wednesday to close at N615/$1 on Wednesday, the same as recorded in the previous trading session. This is according to information from BDC operators. This is the lowest level that the local currency has fallen, as BDC operators attributed it to forex scarcity and increased demand.
Similarly, the exchange rate at the peer-to-peer market appreciated marginally by 0.19% on Thursday morning to trade at N616.15/$1 compared to N617.29/$1 recorded on Wednesday morning.
Nigeria’s external reserves increased by 0.1% on Tuesday, 28th June 2022 to stand at $39.09 billion from $39.06 billion recorded the previous day. This represents the 15th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
The exchange rate at the official market fell big on Wednesday, depreciating by 0.8% to close at N424.88 to a dollar as against the N421.5/$1 recorded on Tuesday, 28th June 2022.
The opening indicative rate closed at N421.8/$1 on Wednesday, 29th June 2022, from N420.7/$1 recorded on Tuesday.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N424.88/$1, while it traded as low as N410/$1 during intra-day trading.
A total of $112.83 million in FX value was traded in the official I&E window on Wednesday, which is 45.4% lower than the $206.65 million that exchanged hands in the previous trading session.
Exchange rate appreciates at I&E window as forex supply rises to 3-week high.
Thursday, 23rd June 2022: The exchange rate between the naira and the US dollar closed at N420/$1 at the Investors and Exporters (I&E) window.
Naira gained against the US dollar on Thursday, reaching its highest level in the week to close at N420.17/$1, representing a 0.08% appreciation compared to N420.5/$1 recorded in the previous trading session. This is according to information from the website the FMDQ Exchange.
A total of $201.81 million in FX value was traded on Thursday as against the $71.99 million that was traded in the previous day, representing a 180.33% increase.
The exchange rate at the parallel market depreciated by 0.66% to close at N611/$1 on Thursday morning, from N607/$1 recorded as of the previous trading session. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market remained stable, trading at N612.59 to a dollar on Friday morning, representing a 0.04% depreciation compared to N612.85/$1 recorded as of the same time on Thursday.
Nigeria’s external reserves increased by 0.08% on Wednesday, 22nd June 2022 to stand at $38.85 billion from $38.82 billion recorded the previous day. This represents the 11th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
The exchange rate at the official market recorded a slight gain on Thursday, appreciated by 0.08% to close at N420.17 to a dollar as against the N420.5/$1 recorded on Wednesday, 23rd June 2022.
The opening indicative rate closed at N419.79/$1 on Thursday, 23rd June 2022, from N419.46/$1 recorded on Wednesday.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.17/$1, while it traded as low as N410/$1 during intra-day trading.
A total of $201.81 million in FX value was traded in the official I&E window on Thursday, which is 180.33% higher than the $71.99 million that exchanged hands in the previous trading session.
Naira falls to N611/$1 at the black market as FX liquidity tightens
The exchange rate between the naira and the US dollar closed at N420.5/$1 at the Investors and Exporters (I&E) window.
Naira closed slightly weaker on Wednesday with a 0.05% depreciation to close at N420.5/$1 compared to N420.28/$1 recorded in the previous trading session. This is according to information from the website the FMDQ Exchange.
A total of $71.99 million in FX value exchanged hands on Wednesday as against the $108.06 million that was traded in the previous day, representing a 33.38% decrease.
The exchange rate at the parallel market depreciated by 0.66% to trade at N611/$1 on Thursday morning, from N607/$1 recorded as of the previous trading session. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market recorded a slight uptick on Thursday morning, trading at N612.85/$1 compared to N613/$ recorded as of the same time on Wednesday, 22nd June 2022.
Nigeria’s external reserves increased by 0.07% on Tuesday, 21st June 2022 to stand at $38.82 billion from $38.79 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
The exchange rate at the official market depreciated marginally by 0.05% on Wednesday to close at N420.5/$1 compared to N420.28/$1 recorded as of close of trade on Tuesday.
The opening indicative rate closed at N419.46/$1 on Wednesday, 22nd June 2022, from N420.71/$1 recorded on Tuesday.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.5/$1, while it traded for as low as N412/$1 during intra-day trading.
A total of $71.99 million in FX value was traded in the official I&E window on Wednesday, which is 33.38% lower than the $108.06 million that exchanged hands in the previous trading session.
Forex supply surges by 135% to $108.1 million at I&E window
Tuesday, 21st June 2022: The exchange rate between the naira and the US dollar closed at N420.28/$1 at the Investors and Exporters (I&E) window.
Naira closed stronger on Tuesday with a 0.25% gain to close at N420.28/$1 compared to N421.33/$1 recorded in the last two trading sessions. This is according to information culled from the website the FMDQ Exchange.
A total of $108.06 million in FX value exchanged hands on Tuesday as against the $46.07 million that was traded in the previous day, representing a surge of 134.6%
The exchange rate at the parallel market remained stable on Tuesday, depreciated slightly by 0.17% to close at N607/$1 from N606/$1 recorded as of the close of trading activities on Monday. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market depreciated by 0.13% on Wednesday morning, trading at N613/$1 compared to N612.19/$ recorded as of the same time on Tuesday, 21st June 2022.
Nigeria’s external reserves increased by 0.25% on Monday, 20th June 2022 to stand at $38.79 billion from $38.69 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
The exchange rate at the official market improved by 0.25% on Tuesday to close at N420.28 to a dollar compared to N421.33/$1 recorded as of close of trade on Monday.
The opening indicative rate closed at N420.71/$1 on Tuesday, 21st June 2022, from N490.71/$1 recorded on Monday.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.28/$1, while it sold for as low as N413/$1 during intra-day trading.
A total of $108.06 million in FX value was traded in the official I&E window on Tuesday, which is 134.6% higher than the $46.07 million that exchanged hands in the previous trading session.
Naira closes flat at official market as FX supply crashes to $46.1 million
Monday, 20th June 2022: The exchange rate between the naira and the US dollar closed at N421.33/$1 at the Investors and Exporters (I&E) window.
Naira remained stable at the official Investors and Exporters window on Monday, closing at the same rate as it did on Friday of the previous week at N421.33/$1. This is according to information culled from the website the FMDQ Exchange.
The amount of FX that was traded in the I&E window crashed significantly to its lowest in over two months at $46.07 million.
