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

Naira has gained at the parallel market with new exchange rates emerging.

Glamtush reports that the exchange rate between the Nigerian official currency, naira and the United States dollar closed at N416.67/$1 at the official Investors and Exporters (I&E) window.

This online news platform understands that the Naira weakened further against the US dollar on Tuesday with a 0.04% fall to close at N416.67/$1 compared to N416.5/$1 recorded as of the close of trading activities on Monday, 7th February 2022. Naira depreciated at the official window despite the decrease in the demand for dollar.

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.

Angela Davies