Naira Recovers As It Gains Massively At Official Market Against Dollar

Naira recovers as it gained massively at the official market against the dollar.

Glamtush reports that naira Gains massively at the official Forex Market Against Dollar on Tuesday, 4th January 2022, which saw the exchange rate between the naira and the US dollar closed at N422.67/$1, at the Investors and Exporters window, where forex is traded officially.

Naira appreciated further against the US dollar on Tuesday 4th January 2022, to close at N422.67/$1, representing a 2.84% fall compared to N435/$1 recorded on the last trading day of 2021. On the other hand, forex turnover at the official market dropped by 27.4% on Tuesday to $109.07 million.

Meanwhile, at the parallel market, naira depreciated by 0.35% to close at N567/$1 on Tuesday compared to N565/$1 recorded as of the close of the year. This is according to information obtained from BDC operators interviewed by Nairametrics.

The local currency gained at the official market as the external reserve makes a rebound after 4 consecutive days of decline to close at $40.55 billion.

While trading at the official NAFEX window.

The exchange rate at the Investors and Exporters window closed at N422.67/$1 on Tuesday, 4th January 2021, which represents a 2.83% gain compared to N435/$1 recorded in the previous trading session

The opening indicative rate closed at N426.25/$1 on Tuesday, which represents a 5.6 kobo depreciation compared to N420.67/$1 recorded in the previous trading session.

An exchange rate of N443.5/$1 was the highest rate recorded during intra-day trading before it settled at N422.67/$1, while it sold for as low as N405/$1 during intra-day trading.

Forex turnover at the official window decreased by 27.4% to $109.07 million on Tuesday, 4th January 2022.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window dropped from $150.26 million recorded on Friday 31st December 2021 to $109.07 million on Tuesday 4th January 2021.