Thursday, 1st September 2022: 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.