The exchange rate between the naira and the US dollar closed at N430/$1 at the Investors and Exporters window, where forex is traded officially.
Naira closed at N430/$1 on Thursday, 1st September 2022, representing a marginal depreciation of 0.13% compared to N429.44/$1 recorded in the previous trading session. The value of FX supply that exchanged hands on Thursday totalled $74.68 million which is 31.78% lower than $109.47 million traded on Wednesday, 31st August, 2022.
The exchange rate at the cryptocurrency peer-to-peer FX exchange likewise depreciated to N697.5/$1 on Friday morning from N693.2/$1 recorded as of the same time on Thursday. This represents a 0.62% fall against the US dollar in the P2P market.
Also, the exchange rate at the parallel market depreciated by 0.43% to close at N700/$1 on Thursday from N697/$1 traded on Wednesday. This is according to information gathered by Nairametrics from black market FX traders.
In the same vein, Nigeria’s foreign reserve continued its gains on Wednesday, as the reserve gained 0.02% to stand at $39.02 billion. The nation’s foreign reserve had been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.
Trading at the official NAFEX window
The exchange rate at the official market closed at N430/$1 to a dollar on Thursday, 1st September 2022, from N429.44/$1 recorded in the previous trading session.
The opening indicative rate closed at N429/$1 on Thursday, 1st September 2022, compared to N429.17/$1 recorded in the previous day.
Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N430/$1, while it traded as low as N417/$1 during intra-day trading.
A total of $74.68 million in FX value was traded in the Investors and Exporters window on Thursday, a 31.78% dip from $109.47 million that exchanged hands in the previous day.
Naira falls to N453/$1 during intra-day trading at official market Wednesday, 31st August 2022: The exchange rate between the naira and the US dollar closed at N429.44/$1 at the Investors and Exporters window, where forex is traded officially. Naira had traded at a record high of N453.2/$1 during intra-day trading before moderating to N429.44/$1 on Wednesday.
Naira closed on a positive note on Wednesday, 31st August 2022, gaining 0.36% to close at N429.44/$1 compared to N431/$1 recorded in the previous trading session. A total of $109.47 million in FX value exchanged hands on Wednesday.
Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange appreciated to N693.2/$1 on Thursday morning from N699.04/$1 recorded as of the same time on Wednesday. This represents a 0.84% gain against the US dollar at the P2P market.
In the same vein, Nigeria’s foreign reserve continued its gains on Tuesday, as the reserve gained 0.03% to stand at $39.02 billion, surpassing the $39 billion threshold once again. The nation’s foreign reserve had been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.
Trading at the official NAFEX window
The exchange rate at the official market closed at N429.44/$1 to a dollar on Wednesday, 31st August 2022, from N431/$1 recorded in the previous trading session.
The opening indicative rate closed at N429.17/$1 on Wednesday, 31st August 2022.
Furthermore, an exchange rate of N453/$1 was the highest rate recorded during intra-day trading before it settled at N429.44/$1, while it traded as low as N418/$1 during intra-day trading.
A total of $109.47 million in FX value was traded in the Investors and Exporters window on Wednesday.
Forex supply falls further to $54 million as exchange rate remains stable
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 on Monday, 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 as of the same time on Monday.
Trading at the official NAFEX window
The exchange rate at the official market closed at N430.33/$1 to a dollar on Monday, 29th August 2022, the same as recorded in the previous trading session.
The opening indicative rate closed at N429.07/$1 on Monday, 29th August 2022, from N428.5/$1 recorded on Friday of the previous week.
Furthermore, an exchange rate of N432/$1 was the highest rate recorded during intra-day trading before it settled at N430.33/$1, while it traded as low as N417/$1 during intra-day trading.
A total of $54.13 million in FX value was traded on Monday, which is 34.29% lower than the $82.38 million that exchanged hands on Friday, 26th August 2022.
Forex supply falls to $82.9 million as exchange rate depreciates to N698/$1 at black market.
Forex supply falls further to $54 million as exchange rate remains stable
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 appreciated slightly against the US dollar on Thursday, by 0.08% to close at N430.67/$1 compared to N431/$1 recorded in the previous trading session. The supply of forex that exchange hands dipped significantly by 36.88% to stand at $82.88 million as against $131.30 million traded on Wednesday.
On the flip side, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N697/$1 on Friday morning, a 0.14% depreciation when compared to N696/$1 recorded as of the same time on Thursday.
Similarly, naira closed trading at N698/$1 at the black market on Thursday, indicating a 0.29% depreciation against the US dollar, representing the lowest level since August 1, 2022. This is according to information from black market operators.
Meanwhile, Nigeria’s external reserves declined slightly by 0.003% on Wednesday, 24th August 2022, to stand at $38.94 billion from $38.941 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date 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 closed at N430.67/$1 to a dollar on Thursday, 25th August 2022 recording an improvement of 0.08% compared to N431/$1 recorded on Wednesday, 24th August 2022.
The opening indicative rate closed at N429.75/$1 on Thursday, 25th August 2022, from N428.67/$1 recorded on Wednesday.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N430.67/$1, while it traded as low as N417/$1 during intra-day trading.
A total of $82.88 million in FX value was traded on Thursday, which is 36.9% lower than the $131.3 million that exchanged hands on Wednesday, 24th August 2022.
Naira depreciates to N696/$1 at P2P forex market. Wednesday, 24th August 2022: The exchange rate between the naira and the US dollar closed at N431/$1 at the Investors and Exporters window, where forex is traded officially.
Naira depreciated further against the US dollar on Wednesday, representing the third consecutive day of decline as the exchange rate dipped by 0.08% to close at N431/$1 compared to N430.67/$1 recorded in the previous trading session.
Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N696/$1 on Thursday morning, a 0.45% depreciation when compared to N696/$1 recorded as of the same time on Wednesday.
