BREAKING: Respite As Naira Gains At Parallel Market, See New Exchange Rate

Naira, on the other hand, appreciated marginally at the parallel market yesterday, to close at N569/$1 compared to N570/$1 recorded in the previous trading session. This is according to information obtained from BDC operators.

The exchange rate appreciated similarly at the Peer-to-Peer (P2P) forex market, trading at a minimum of N574.17 to a dollar on Wednesday morning. This represents a 0.057% uptick as opposed to N574.5/$ recorded in the previous trading session.

Meanwhile, Glamtush reports that Nigeria’s foreign reserve continued with a downtrend having reduced by 0.093% to close at $39.94 billion as of Monday, 7th February 2022.
Trading at the official NAFEX window.

The exchange rate at the Investors and Exporters window closed at N416.67/$1 on Tuesday, 8th February 2022, which represents a 0.04% depreciation compared to N416.5/$1 recorded in the previous trading session.

The opening indicative rate jumped to N415.98/$1 on Tuesday, which represents a 56 kobo depreciation compared to N415.42/$1 recorded in the previous trading session.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.67/$1, while it sold for as low as N410/$1 during intra-day trading,
Meanwhile, forex turnover at the official window dropped by 40.4% to $74.56 million on Tuesday.

Forex turnover at the I&E window decreased from $125.1 million recorded on Monday 7th February 2022 to $74.56 million on Tuesday 8th February 2022 according to data tracked from FMDQ.