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Naira appreciates slightly at black market, trades at N677/$1

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Wednesday, 17th August 2022: The exchange rate between the naira and the US dollar closed at N429.38/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira appreciated slightly, with a gain of 0.3% on Wednesday to close at N429.38 at the official market compared to N430.67/$1 recorded in the previous trading session. Notably, forex turnover also increased by 134.4% to stand at $118.14 million traded on Wednesday from $50.4 million traded on Tuesday, 16th August 2022.

Similarly, Naira traded at N679.5/$1 in the early hours of Thursday, 18th August 2022 at the peer-to-peer FX market, indicating a 0.13% appreciation against the US dollar compared to N680.4/$1 recorded in the previous trading session.

Also, the exchange rate at the parallel market appreciated marginally on Thursday, 18th August 2022, with a gain of 0.44% to trade at N677/$1 from N680/$1 recorded on Wednesday. This is according ot information from black market FX traders across the country.

Nigeria’s external reserves on Tuesday, 16th August 2022, dipped slightly by 0.01% to stand at $38.894 billion from $38.896 billion recorded as of the previous week. The reserve level had been on a downturn in recent times, due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility.

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Trading at the official NAFEX window

The exchange rate at the official market appreciated on Wednesday, 17th August 2022 by 0.3% to close at N429.38 to a dollar compared to N430.67/$1 recorded on Tuesday, 16th August 2022.

  • The opening indicative rate closed at N427.58/$1 on Wednesday, 17th August 2022, compared to N429.88/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N429.38/$1, while it traded as low as N417/$1 during intra-day trading.
  • A total of $118.14 million in FX value exchanged hands on Wednesday, which is 134.4% higher than the $50.4 million that was traded in the previous trading session.

Nigeria’s foreign reserve continues improvement as Naira dips further at I&E window 

Tuesday, 16th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1 at the Investors and Exporters (I&E) window, where forex is traded officially. 

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Naira depreciated by 0.16% to close trading at N430.67 at the official market. This follows a 62.5% decline in the amount of traded FX in the market. Notably, forex turnover fell from $134.3 million traded on Monday to $50.4 million on Tuesday, 16th August 2022. 

Similarly, Naira depreciated on Wednesday morning, trading at a minimum of N680.4/$1 compared to N676.38/$1 recorded in the previous trading session. 

Nigeria’s external reserves on Monday, 15th August 2022, continued its uptrend after gaining 0.03% to stand at $38.89 billion from $38.88 billion recorded as of the previous week. The reserve level had been on a downturn in recent times, 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 depreciated on Tuesday, 16th August 2022 by 0.16% to close at N430.67 to a dollar compared to N430/$1 recorded on Monday, 15th August 2022. 

  • The opening indicative rate closed at N429.88/$1 on Tuesday, 16th August 2022, compared to N429.7/$1 recorded in the previous trading session. 
  • Furthermore, an exchange rate of N432/$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 $50.4 million in FX value exchanged hands on Tuesday, which is 62.47% lower than the $134.3 million that was traded in the previous trading session. 

Official exchange rate closes at N430/$1 as FX supply surges by 190% to $134.30 million

Monday, 15th August 2022: The exchange rate between the naira and the US dollar closed at N430/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira depreciated by 0.09% on Monday, 15th August 2022 to close trading at N430/$1 from N429.62/$1 recorded in the previous trading session. However, forex supply inclined significantly by 190% to $134.3 million from $46.31 million that exchanged hands on Friday, 12th August 2022.

On the other hand, Naira recorded a marginal appreciation on Tuesday morning, trading at a minimum of N676.38/$1 compared to N678.98/$1 recorded in the previous trading session.

Meanwhile, at the parallel market, the Naira fell to N678/$1 on Monday, closing with a 0.44% depreciation compared to N675/$1 recorded in the previous trading session as FX traders continued to lament scarcity of forex and sustained high demand. This is according to information obtained from black market FX traders.

Nigeria’s external reserves recorded a rare gain on Friday, 12th August 2022, after the reserve level improved slightly by 0.01% to stand at $38.884 billion, from $38.881 billion recorded as of the previous day. The reserve level which had been on a downturn in recent times, 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 depreciated on Monday, 15th August 2022 by 0.09% to close at N430 to a dollar as against the N429.62/$1 recorded on Friday, 12th August 2022.

  • The opening indicative rate closed at N429.70/$1 on Monday, 15th August 2022, compared to N429.67/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$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 $134.30 million in FX value exchanged hands on Monday, which is 190% higher than the $46.31 million that was traded in the previous trading session.

Black market rate depreciates to N675/$1 as foreign reserve falls sharply below $39 billion

Tuesday, 9th August 2022: The exchange rate between the naira and the US dollar closed at N428.75/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira appreciated by 0.52% on Tuesday, 9th August 2022 to close trading at N428.75/$1 from N431/$1 recorded in the previous trading session. On the flip side, forex supply declined marginally by 1.75% to $113.64 million from $115.67 million that was traded on Monday, 8th August 2022.

On the other hand, at the peer-to-peer market, Naira fell to N681.84/$1 on Wednesday morning from N670.4/$1 recorded as of the same time on Tuesday, representing a 1.71% decline compared to the previous day.

Similarly at the black market, Naira depreciated to N675/$1 on Tuesday, closing with a 1.5% decline compared to N665/$1 recorded in the previous trading session as FX traders lament scarcity of forex and sustained high demand. This is according to information obtained from black market FX traders.

Nigeria’s external reserves fell sharply below the $39 billion mark on Monday, 8th August 2022, dropping by 0.24% to stand at $38.95 billion from $39.05 billion recorded as of the previous day. This is largely due to the constant intervention by the CBN in the Investors and Exporters window, to manage exchange rate volatility.

Trading at the official NAFEX window

The exchange rate at the official market appreciated on Tuesday, 9th August 2022 by 0.52% to close at N428.75 to a dollar as against the N431/$1 recorded on Monday, 8th August 2022.

  • The opening indicative rate closed at N429.58/$1 on Tuesday, 9th August 2022, compared to N429/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N428.75/$1, while it traded as low as N417/$1 during intra-day trading.
  • A total of $113.64 million in FX value exchanged hands on Tuesday, which is 1.75% lower than the $115.67 million that was traded in the previous trading session.

Naira falls to N431/$1 at I&E window despite $115.7 million forex turnover

Monday, 8th August 2022: The exchange rate between the naira and the US dollar closed at N431/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira started the week on a bearish note, with a 0.67% depreciation to close at N431/$1 compared to N428.12/$1 recorded in the previous trading session. This is despite a 60.83% increase in the amount of forex traded in the market at $115.67 million.

In the same vein, at the peer-to-peer market, naira fell to N670.4/$1 on Tuesday morning from N662.4/$1 recorded as of the same time on Monday, representing a 1.21% decline compared to the previous day.

Nigeria’s external reserves rose for the second time in a row, after dropping consecutively for almost a month. The reserve level gained 0.03% to stand at $39.09 billion as of Thursday, 4th August 2022 from $39.07 billion recorded as of the previous day.

Trading at the official NAFEX window

The exchange rate at the official market depreciated on Monday, 8th August 2022 by 0.67% to close at N431 to a dollar as against the N428.12/$1 recorded on Friday, 5th August 2022.

  • The opening indicative rate closed at N429/$1 on Monday, 8th August 2022, the same as recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N431/$1, while it traded as low as N415/$1 during intra-day trading.
  • A total of $115.67 million in FX value exchanged hands on Monday, which is 60.83% higher than the $71.92 million that was traded in the previous trading session.

Naira appreciates at I&E window as foreign reserves records first gain in two weeks

Thursday, 4th August 2022: The exchange rate between the naira and the US dollar closed at N428.12/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira closed higher on Thursday, with a 0.25% appreciation against the US dollar to close at N428.12/$1 compared to N429.2/$1 recorded in the previous trading session. A total of $110.22 million was traded on Thursday, representing a 100.955% decrease when compared to the $123.78 million traded on Wednesday.

On the other hand, at the peer-to-peer market, naira fell to N651/$1 on Friday morning from N616.66/$1 recorded as of the same time on Thursday, representing a 5.6% decline compared to the previous day.

Nigeria’s external reserves rose for the first time in over two weeks, gaining marginally by 0.01% to stand at $39.07 billion from $39.07 billion recorded in the previous day. The reserve level had depreciated for eleven consecutive days, largely due to the constant intervention by the apex bank in the I&E window.

Trading at the official NAFEX window

The exchange rate at the official market appreciated on Thursday, 4th August 2022 by 0.25% to close at N428.12 to a dollar as against the N430.67/$1 recorded on Wednesday, 3rd August 2022.

  • The opening indicative rate closed at N428.33/$1 on Thursday, 4th August 2022 from N427.9/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N428.12/$1, while it traded as low as N415/$1 during intra-day trading.
  • A total of $110.22 million in FX value exchanged hands on Thursday, which is 10.95% lower than the $123.78 million that was traded in the previous trading session.

Exchange rate appreciates to N616/$1 at peer-to-peer FX market

Wednesday, 3rd August 2022: The exchange rate between the naira and the US dollar closed at N429.2/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira closed on a positive note on Wednesday, with a 0.34% appreciation against the US dollar to close at N429.2/$1 compared to N430.67/$1 recorded in the previous trading session. A total of $123.78 million was traded in the market on Wednesday, representing a 21.9% increase when compared to the $158.68 million traded on Tuesday.

In the same vein, the exchange rate at the black market appreciated on Wednesday to close at N665/$1 compared to N670/$1 recorded on Tuesday, representing a 0.75% currency appreciation against the US dollar.

Similarly, at the peer-to-peer market, naira rose to N616.66/$1 on Thursday morning from N652.5/$1 recorded on Wednesday, representing a rally of 5.5% compared to the previous day. This is following a shocking depreciation recorded in the previous week, when the naira fell to a record N705/$1 as a result of FX scarcity and panic buying.

Meanwhile, Nigeria’s external reserves recorded its eleventh consecutive decline on Tuesday, dropping by 0.1% to stand at $39.07 billion from $39.1 billion recorded as of Monday, 1st August 2022. The decline in the country’s external reserve could be attributed to the increased flow of FX in the official market in the past two days.

Trading at the official NAFEX window

The exchange rate at the official market appreciated on Wednesday, 3rd August 2022 by 0.34% to close at N429.2 to a dollar as against the N430.67/$1 recorded on Tuesday, 2nd August 2022.

  • The opening indicative rate closed at N427.9/$1 on Wednesday, 3rd August 2022 from N427.75/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N429.2/$1, while it traded as low as N414/$1 during intra-day trading.
  • A total of $123.78 million in FX value exchanged hands on Wednesday, which is 21.9% lower than the $158.68 million that was traded in the previous trading session.

Naira falls at I&E window despite a 163% surge in forex supply

Tuesday, 2nd August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1 at the official Investors and Exporters (I&E) window.

Naira closed on a bearish note on Tuesday, falling by 0.42% to close at N430.67/$1 from N428.88/$1 recorded in the previous trading session. This is despite the 163.3% increase in forex turnover to $158.68 million.

On the other hand, the exchange rate at the black market recorded a significant appreciation on Tuesday, closing at N670/$1 compared to N718/$1 recorded on Monday, representing a 6.69% currency appreciation against the US dollar.

Similarly, at the peer-to-peer market, naira rose to N652.5/$1 on Wednesday morning from N669/$1 recorded on Tuesday. This is following a shocking depreciation recorded in the previous week, when the naira fell to a record N705/$1 as a result of FX scarcity and panic buying.

Meanwhile, Nigeria’s external reserves recorded its tenth consecutive decline on Monday, dropping by 0.23% to stand at $39.1 billion from $39.18 billion recorded as of Friday, 29th July 2022. The decline in the country’s external reserve could be attributed to the increased flow of FX in the official market in the past two days.

Trading at the official NAFEX window

The exchange rate at the official market depreciated on Tuesday, 2nd August 2022 by 0.42% to close at N430.67 to a dollar as against the N428.88/$1 recorded on Monday, 1st August 2022.

  • The opening indicative rate closed at N427.75/$1 on Tuesday, 2nd August 2022 from N428.633/$1 recorded in the previous trading session.
  • 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 N415/$1 during intra-day trading.
  • A total of $158.68 million in FX value exchanged hands on Tuesday, which is 163.28% higher than the $60.27 million that was traded in the previous trading session.

Official exchange rate falls to record low at N431/$1

Tuesday, 26th July 2022: The exchange rate between the naira and the US dollar closed at N431/$1 at the official Investors and Exporters (I&E) window.

Naira closed on a bearish note on Tuesday, falling by 0.9% to close at N431/$1 from N427.17/$1 recorded at the start of the week, the lowest rate recorded at the official market year-to-date. In the same vein, forex turnover declined by 35.37% to $58.03 million compared to $89.79 million that exchanged hands in the previous trading session.

Also, with further scarcity of forex in the market, the exchange rate at the peer-to-peer market depreciated significantly to a record low of N685.5/$1 in the early hours of Wednesday, representing a 2.77% decline compared to N667/$1 recorded on Tuesday morning. This is the highest rate recorded in the unofficial market, according to data tracked by Nairalytics.

Meanwhile, Nigeria’s external reserves recorded its fifth consecutive decline on Monday, dropping by 0.21% to stand at $39.31 billion from $39.39 billion recorded as of Friday, 22nd July 2022. The decline in the country’s external reserve could be attributed to the increased flow of FX in the official market in the past two days.

Trading at the official NAFEX window

  • The exchange rate at the official market depreciated on Tuesday, 26th July 2022 by 0.9% to close at N431 to a dollar as against the N427.17/$1 recorded on Monday, 25th July 2022.
  • The opening indicative rate closed at N427.3/$1 on Tuesday, 26th July 2022 from N427.63/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N431/$1, while it traded as low as N414/$1 during intra-day trading.
  • A total of $58.03 million in FX value exchanged hands on Tuesday, which is 35.37% lower than the $89.79 million that was traded in the previous trading session.

Official exchange rate appreciates as forex supply surges by 146%

Monday, 25th July 2022: The exchange rate between the naira and the US dollar closed at N427.17/$1 at the Investors and Exporters (I&E) window, where forex is traded officially. 

Naira started the week with a 0.66% appreciation against the US dollar at the official market to close at N427.17/$1 compared to N430/$1 recorded in the previous trading session. The upward movement in the local currency is following the 146.2% increase in the amount of forex traded on the floor of the exchange. 

Also, with the further scarcity of forex in the market, the exchange rate at the peer-to-peer market depreciated significantly to a record low of N667/$1 in the early hours of Tuesday, representing a 1.72% decline compared to N655.73/$1 recorded on Monday morning. This is the highest rate recorded in the unofficial market, according to data tracked by Nairalytics. 

Meanwhile, Nigeria’s external reserves recorded its fourth consecutive decline on Friday, dropping by 0.05% to stand at $39.39 billion from $39.41 billion recorded as of Thursday, 21st July 2022. The decline in the country’s external reserve could be attributed to the increased flow of FX in the official market in the past two days. 

The CBN had explained during the last MPC session that Nigeria’s external reserve grew in the month of June 2022 as a result of increased non-oil export and improvement in diaspora remittances through its RT200 and Naira4dollar programmes respectively. 

Trading at the official NAFEX window 

The exchange rate at the official market appreciated on Monday, 25th July 2022 by 0.66% to close at N427.17 to a dollar as against the N430/$1 recorded on Friday, 22nd July 2022. 

  • The opening indicative rate closed at N427.63/$1 on Monday, 25th from N427/$1 recorded in the previous trading session. 
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N427.17/$1, while it traded as low as N414/$1 during intra-day trading. 
  • A total of $89.79 million in FX value exchanged hands on Monday, which is 146.2% higher than the $36.47 million that was traded in the previous trading session. 

Exchange rate skyrockets to N644/$1 at peer-to-peer market as forex scarcity lingers

Wednesday, 20th July 2022: The exchange rate between the naira and the US dollar closed at N426.58/$1 at the Investors and Exporters (I&E) window, where forex is traded officially. 

Naira retracted on Wednesday, depreciating by 0.57% to close at N426.58/$, from N424.17/$1 recorded in the previous trade session. In the same vein, forex supply fell by 62.45% to $144.03 million from the record of #383.59 million that was traded on Tuesday. 

Also, with the further scarcity of forex in the market, the exchange rate at the peer-to-peer market depreciated significantly to a record low of N644.25/$1 in the early hours of Thursday, representing a 1.44% decline compared to N635.1/$1 recorded on Wednesday morning. This is the highest rate recorded in the unofficial market, according to data tracked by Nairalytics. 

On the other hand, the exchange rate at the parallel market appreciated slightly by 0.16% to close trading activities on Wednesday at N629/$1 compared to N630/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators. 

Nigeria’s external reserves recorded its first decline in over one month on Tuesday, 19th July 2022, falling by 0.02% to stand at $39.43 billion compared to $39.44 billion recorded as of the previous day. The decline in the country’s external reserve could be attributed to the increased flow of FX in the official market in the past two days. 

The CBN had explained during the last MPC session that Nigeria’s external reserve grew in the month of June 2022 as a result of increased non-oil export and improvement in diaspora remittances through its RT200 and Naira4dollar programmes respectively. 

Trading at the official NAFEX window 

The exchange rate at the official market depreciated on Wednesday, 20th July 2022, declining by 0.57% to close at N426.58 to a dollar as against the N424.17/$1 recorded on Tuesday, 19th July 2022. 

  • The opening indicative rate closed at N426.5/$1 on Wednesday, 20th from N426.2/$1 recorded in the previous trading session. 
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N426.58/$1, while it traded as low as N414/$1 during intra-day trading. 
  • A total of $144.03 million in FX value exchanged hands on Wednesday, which is 62.45% lower than the $383.59 million that was traded in the previous trading session. 

Official exchange rate appreciates as Forex supply surges by 301% to $389 million

Tuesday, 19th July 2022: The exchange rate between the naira and the US dollar closed at N424.17/$1 at the official Investors and Exporters (I&E) window. 

Naira appreciated significantly against the US dollar at the official market on Tuesday, with a 1.16% gain to close at N424.17/$1, compared to N429.13/$ recorded as of the close of trading activities in the previous trading session.  

The appreciation of the local currency is following the 301.3% increase in the amount of forex supplied in the official market. A total of $383.59 million in FX value was traded on Tuesday, 19th July 2022, an increase compared to $95.58 million that exchanged hands on Monday. 

On the other hand, the exchange rate at the parallel market fell by 1.69% to close trading activities on Monday at N630/$1 compared to N619.5/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators. 

Also, the exchange rate at the peer-to-peer market depreciated further by 0.78% on Wednesday morning to trade at a minimum of N635.1/$1 compared to N630.2/$1 recorded on Tuesday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics. 

Nigeria’s external reserves increased by 0.01% on Monday, 18th July 2022 to stand at $39.45 billion from $39.43 billion recorded as of the previous day. This represents the 27th straight day of improvement for the nation’s foreign reserve. 

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve. 

Trading at the official NAFEX window 

The exchange rate at the official market appreciated on Tuesday, 19th July 2022, gaining 1.16% to close at N424.17 to a dollar as against the N429.13/$1 recorded on Monday, 18th July 2022. 

  • The opening indicative rate closed at N426.2/$1 on Tuesday, 19th, from N428.26/$1 recorded in the previous trading session. 
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N424.17/$1, while it traded as low as N414/$1 during intra-day trading. 
  • A total of $383.59 million in FX value exchanged hands on Tuesday, which is 301.33% higher than the $63.19 million that was traded in the previous trading session. 

 


Naira falls to N630/$1 at the black market

Monday, 18th July 2022: The exchange rate between the naira and the US dollar closed at N429.13/$1 at the official Investors and Exporters (I&E) window.

Naira appreciated slightly against the US dollar at the official market on Monday, with a 0.28% appreciation to close at N429.13/$1, compared to N430.33/$ recorded as of the close of trading activities in the previous trading session.

The appreciation of the local currency is following the 51.26% increase in the amount of forex supplied in the official market. A total of $95.58 million in FX was traded on Monday, 18th July 2022, an increase compared to $63.19 million that exchanged hands on Friday, last week.

On the other hand, the exchange rate at the parallel market fell by 1.69% to close trading activities on Monday at N630/$1 compared to N619.5/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.

Also, the exchange rate at the peer-to-peer market depreciated by 1.69% on Tuesday morning to trade at a minimum of N630.2/$1 compared to N623.1/$1 recorded on Monday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

Nigeria’s external reserves increased by 0.03% on Friday, 15th July 2022 to stand at $39.44 billion from $39.43 billion recorded as of the previous day. This represents the 26th straight day of improvement for the nation’s foreign reserve.

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

  • The exchange rate at the official market appreciated on Monday, 18th July 2022, gaining 0.28% to close at N429.13 to a dollar as against the N430.33/$1 recorded on Friday, 15th July 2022.
  • The opening indicative rate closed at N428.26/$1 on Monday, 18th July 2022, from N426.63/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N429.13/$1, while it traded as low as N414/$1 during intra-day trading.
  • A total of $95.58 million in FX value exchanged hands on Monday, which is 51.26% higher than the $63.19 million that was traded in the previous trading session.

Naira falls big to N430/$1 at official window as liquidity remains low

Friday, 15th July 2022: The exchange rate between the naira and the US dollar closed at N430.33/$1 at the official Investors and Exporters (I&E) window.

Naira depreciated massively against the US dollar at the official market on Friday, with a 1.34% decline to close at N430.33/$1, compared to N424.62/$ recorded as of the close of trading activities in the previous trading session. This is the lowest level on record, with the exception of 31st December 2021.

The depreciation of the local currency is following the sustained low forex turnover in the market. A total of $63.19 million in FX was traded on Friday, 15th July 2022, representing a decrease of 28.15% compared to $87.95 million that exchanged hands on Thursday.

Also, the exchange rate at the peer-to-peer market depreciated by 0.14% on Saturday morning to trade at a minimum of N623.1/$1 compared to N622.25/$1 recorded on Friday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

On the other hand, the exchange rate at the parallel market remained flat on Friday, closing at N618/$, the same as recorded in the previous trading session. This is according to information from Bureau De Change operators.

Nigeria’s external reserves increased by 0.02% on Thursday, 14th July 2022 to stand at $39.43 billion from $39.42 billion recorded as of the previous day. This represents the 25th straight day of improvement for the nation’s foreign reserve.

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

  • The exchange rate at the official market depreciated on Friday, 15th July 2022, dropping by 1.34% to close at N430.33 to a dollar as against the N424.62/$1 recorded on Thursday, 14th July 2022.
  • The opening indicative rate closed at N426.63/$1 on Friday, 15th July 2022, from N424.3/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N430.33/$1, while it traded as low as N414/$1 during intra-day trading.
  • A total of $63.19 million in FX value exchanged hands on Friday, which is 28.15% lower than the $87.95 million that was traded in the previous trading session.

Exchange rate depreciates at I&E window despite improvement in FX supply

Thursday, 14th July 2022: The exchange rate between the naira and the US dollar closed at N424.62/$1 at the official Investors and Exporters (I&E) window.

Naira depreciated marginally against the US dollar at the official market on Thursday, with a 0.01% decline to close at N424.62/$1, despite a 44.56% increase in forex turnover. Specifically, a total of $87.95 million in FX value exchanged hands in the market on Thursday compared to $60.84 million that was traded in the previous trading session.

Also, the exchange rate at the peer-to-peer market depreciated by 0.29% on Friday morning to trade at a minimum of N622.25/$1 compared to N620.41/$1 recorded on Thursday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

On the other hand, the exchange rate at the parallel market remained flat on Thursday, closing at N618/$, the same as recorded in the previous trading session. This is according to information from Bureau De Change operators.

Nigeria’s external reserves increased by 0.17% on Wednesday, 13th July 2022 to stand at $39.42 billion from $39.35 billion recorded the previous day. This represents the 24th straight day of improvement for the nation’s foreign reserve.

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

  • The exchange rate at the official market depreciated slightly on Thursday, 14th July 2022, dropping by 0.01% to close at N424.62 to a dollar as against the N426.58/$1 recorded on Wednesday, 13th July 2022.
  • The opening indicative rate closed at N424.3/$1 on Thursday, 14th July 2022, from N424.4/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N424.62/$1, while it traded as low as N414/$1 during intra-day trading.
  • A total of $87.95 million in FX value exchanged hands on Thursday, which is 44.56% higher than the $60.84 million that was traded in the previous trading session.

Naira falls to N620/$1 at peer-to-peer market as FX scarcity persists

Tuesday, 13th July 2022: The exchange rate between the naira and the US dollar closed at N424.58/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira appreciated slightly against the US dollar at the official market on Wednesday, with a 0.36% gain to close at N424.58/$1, following a 25.01% increase in forex turnover. Specifically, a total of $60.84 million in FX value exchanged hands in the market on Wednesday compared to $48.67 million that was traded in the previous trading session.

On the other hand, the exchange rate at the parallel market depreciated to N618/$1 on Wednesday, falling by 0.49% compared to N615/$1 recorded on Friday, the previous week. This is according to information from Bureau De Change operators.

Also, the exchange rate at the peer-to-peer market depreciated by 0.72% on Thursday morning to trade at a minimum of N620.41/$1 compared to N616/$1 recorded on Wednesday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

Nigeria’s external reserves increased by 0.03% on Friday, 8th July 2022 to stand at $39.35 billion from $39.34 billion recorded the previous day. This represents the 23rd straight day of improvement for the nation’s foreign reserve.

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

  • The exchange rate at the official market appreciated on Wednesday, 13th July 2022, gaining 0.36% to close at N424.58 to a dollar as against the N426.13/$1 recorded on Friday, 8th July 2022.
  • The opening indicative rate closed at N424.4/$1 on Wednesday, 13th July 2022, from N423.85/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N424.58/$1, while it traded as low as N411.42/$1 during intra-day trading.
  • A total of $60.84 million in FX value exchanged hands on Wednesday, which is 25.01% higher than the $46.67 million that was traded in the previous trading session.

Naira falls at I&E window despite massive improvement in dollar supply

Thursday, 7th July 2022: The exchange rate between the naira and the US dollar closed at N428.16/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira depreciated against the US dollar at the official market on Thursday, with a 0.1% decline to close at N428.16/$1 despite a 172.95% surge in the amount of forex that was traded in the market. Specifically, forex turnover improved to $222.84 million, the highest recorded since 2nd June 2022.

However, the exchange rate at the parallel market remained flat at N616/$1, the same as recorded in the previous trading session. This is according to information from Bureau De Change operators.

Also, the exchange rate at the peer-to-peer market depreciated marginally by 0.03% on Friday morning to trade at a minimum of N618.2/$1 compared to N618/$1 recorded on Thursday morning.

Nigeria’s external reserves increased by 0.17% on Wednesday, 6th July 2022 to stand at $39.34 billion from $39.27 billion recorded the previous day. This represents the 21st straight day of improvement for the nation’s foreign reserve.

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

The exchange rate at the official market depreciated on Thursday, 7th July 2022, falling by 0.1% to close at N428.16 to a dollar as against the N427.75/$1 recorded on Wednesday, 6th July 2022.

  • The opening indicative rate closed at N426.31/$1 on Thursday, 7th July 2022, from N423.85/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N428.16/$1, while it traded as low as N413.5/$1 during intra-day trading.
  • A total of $222.84 million in FX value exchanged hands on Thursday, which is 222.84% higher than the $81.64 million that was traded in the previous trading session.

Naira falls to N431/$1 at the official forex market

Wednesday, 6th July 2022: The exchange rate between the naira and the US dollar closed at N427.75/$1 at the Investors and Exporters (I&E) window, reaching a peak of N431/$1.

Naira recorded a 0.52% appreciation against the US dollar on Wednesday to close at N427.75/$1 after hitting a year-to-date high on Tuesday, 5th July 2022 at N430/$1. Similarly, a total of $81.64 million exchange hands in the official market on Wednesday, according to information obtained from FMDQ website.

The exchange rate at the parallel market depreciated on Wednesday, closing at N616/$1 compared to N613/$1 recorded on Tuesday, 5th July 2022. Bureau De Change operators who spoke to Nairametrics attributed the downturn to forex scarcity and increased demand.

Similarly, the exchange rate at the peer-to-peer market depreciated marginally by 0.16% on Thursday morning to trade at a minimum of N618/$1 compared to N617/$1 recorded on Wednesday morning.

Nigeria’s external reserves increased by 0.04% on Tuesday, 5th July 2022 to stand at $39.27 billion from $39.25 billion recorded the previous day. This represents the 20th straight day of improvement for the nation’s foreign reserve.

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

  • The exchange rate at the official market moderated on Wednesday, appreciating by 0.52% to close at N427.75 to a dollar as against the N430/$1 recorded on Tuesday, 5th July 2022.
  • The opening indicative rate closed at N423.85/$1 on Wednesday, 6th July 2022, from N422.71/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N431/$1 was the highest rate recorded during intra-day trading before it settled at N427.75/$1, while it traded as low as N413/$1 during intra-day trading.
  • A total of $81.64million in FX value was traded in the official I&E window on Wednesday.

Naira falls across FX markets as dollar supply dips significantly

Monday, 4th July 2022: The exchange rate between the naira and the US dollar closed at N425.75/$1 at the Investors and Exporters (I&E) window, representing the lowest level recorded year-to-date.

Naira depreciated further against the US dollar on Monday, starting the week with a 0.18% depreciation to close at N425.75/$1 compared to N425/$1 recorded in the previous trading sessions. In the same vein, the total forex supply declined by 39.69% to $47.56 million, the lowest in two seeks.

The exchange rate at the parallel market depreciated marginally on Monday, closing at N613/$1 compared to N612/$1 recorded as of Friday, 1st July 2022. Bureau De Change operators who spoke to Nairametrics attributed the downturn to forex scarcity and increased demand.

Similarly, the exchange rate at the peer-to-peer market depreciated marginally by 0.09% on Tuesday morning to trade at a minimum of N616.49/$1 compared to N615.9/$1 recorded on Monday morning.

Nigeria’s external reserves increased by 0.05% on Friday, 1st July 2022 to stand at $39.17 billion from $39.16 billion recorded the previous day. This represents the 18th straight day of improvement for the nation’s foreign reserve.

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

The exchange rate at the official market fell further on Monday, depreciating by 0.18% to close at N425.75 to a dollar as against the N425/$1 recorded on Friday, 1st July 2022.

  • The opening indicative rate closed at N422.25/$1 on Monday, 4th July 2022, from N421.6/$1 recorded in the previous trading session.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N425.75/$1, while it traded as low as N413/$1 during intra-day trading.
  • A total of $47.56 million in FX value was traded in the official I&E window on Monday, which is 39.69% lower than the $78.86 million that exchanged hands in the previous trading session.

Naira closes week weaker as black market rate hits N615/$

The exchange rate between the naira and the US dollar closed the week weaker at the official Investor and Exporter window, closing at N425/$1 on Friday, 1st July 2022 compared to N420.13/$1 recorded in the previous week.

This is according to Nairalytics exchange tracker culled from the website of FMDQ. Naira depreciated by 1.2% week-on-week against the US dollar. Meanwhile, the total amount of FX traded in the market increased marginally by 6.27% to $627.94 million in the review week compared to $590.91 million that exchanged hands in the previous week.

On the other hand, naira closed the week at N612/$1 at the parallel market from N610/$ recorded at the close of the previous week, hitting a record N615/$1 during the week. Also, the exchange rate closed at N615/$1 at the peer-to-peer market from N612.59/$ recorded last week.

Trading at the official NAFEX window

  • The exchange rate at the official market fell further in the review week, depreciating by 1.2% to close at N425 to a dollar as against the N420.13/$1 recorded on Friday, 24th June 2022.
  • The opening indicative rate closed at N421.6/$1 on Friday, 1st July 2022, from N419.79/$1 recorded the previous Friday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during the week trading before it settled at N425/$1, while it traded as low as N410/$1 during intra-day trading.
  • A total of $627.94 million in FX value was traded in the official I&E window during the week, which is 6.27% higher than the $590.91 million that exchanged hands in the previous week.
  • Nigeria’s currency has been faced with immense pressure from decline in export earnings and surging FX demand in the country, leading to tightened forex liquidity. A cursory check shows that the exchange rate has depreciated to its highest level year-to-date at the official market despite constant CBN interventions.
  • On the flip side, the local currency has declined by 8.3% year-to-date at the black market, starting the year at N565/$1, now trading at N612/$.

Naira falls further at the official market as forex turnover declines

Thursday, 30th June 2022: The exchange rate between the naira and the US dollar closed at N425.05/$1 at the Investors and Exporters (I&E) window, representing the lowest level recorded year-to-date.

Naira depreciated further against the US dollar on Thursday, falling by 0.04% to close at N425.05/$1 compared to N424.88/$1 recorded in the previous trading sessions. In the same vein, the total forex supply declined by 32.1% to $76.64 million from $112.83 million that exchanged hands in the previous trading session.

The exchange rate at the parallel market remained flat on Thursday to close at N615/$1, the same as recorded in the previous trading session. This is according to information from BDC operators. This is the lowest level that the local currency has fallen, as BDC operators attributed the downturn to forex scarcity and increased demand.

Similarly, the exchange rate at the peer-to-peer market appreciated marginally by 0.19% on Friday morning to trade at N615/$1 compared to N616.15/$1 recorded on Thursday morning.

Nigeria’s external reserves increased by 0.1% on Wednesday, 29th June 2022 to stand at $39.13 billion from $39.09 billion recorded the previous day. This represents the 16th straight day of improvement for the nation’s foreign reserve.

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

  • The exchange rate at the official market fell further on Thursday, depreciating by 0.04% to close at N425.05 to a dollar as against the N424.88/$1 recorded on Wednesday, 29th June 2022.
  • The opening indicative rate closed at N420.96/$1 on Thursday, 30th June 2022, from N421.8/$1 recorded on Wednesday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N425.05/$1, while it traded as low as N413/$1 during intra-day trading.
  • A total of $76.64 million in FX value was traded in the official I&E window on Thursday, which is 32.07% lower than the $112.83 million that exchanged hands in the previous trading session.

Official exchange rate (NAFEX) falls to lowest level year-to-date

Wednesday, 29th June 2022: The exchange rate between the naira and the US dollar closed at N424.88/$1 at the Investors and Exporters (I&E) window.

Naira depreciated against the US dollar on Wednesday, falling by 0.8% to close at N424.88/$1 compared to N421.5/$1 recorded in the previous trading sessions. This represents the lowest level reached by the local currency between January to date as FX shortages linger.

A total of $112.83 million in FX value was traded on Wednesday as against the $206.65 million that was traded on Tuesday, 28th June 2022, representing a 45.4% decrease. This is according to information from the website the FMDQ Exchange.

The exchange rate at the parallel market remained flat on Wednesday to close at N615/$1 on Wednesday, the same as recorded in the previous trading session. This is according to information from BDC operators. This is the lowest level that the local currency has fallen, as BDC operators attributed it to forex scarcity and increased demand.

Similarly, the exchange rate at the peer-to-peer market appreciated marginally by 0.19% on Thursday morning to trade at N616.15/$1 compared to N617.29/$1 recorded on Wednesday morning.

Nigeria’s external reserves increased by 0.1% on Tuesday, 28th June 2022 to stand at $39.09 billion from $39.06 billion recorded the previous day. This represents the 15th straight day of improvement for the nation’s foreign reserve.

The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

  • The exchange rate at the official market fell big on Wednesday, depreciating by 0.8% to close at N424.88 to a dollar as against the N421.5/$1 recorded on Tuesday, 28th June 2022.
  • The opening indicative rate closed at N421.8/$1 on Wednesday, 29th June 2022, from N420.7/$1 recorded on Tuesday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N424.88/$1, while it traded as low as N410/$1 during intra-day trading.
  • A total of $112.83 million in FX value was traded in the official I&E window on Wednesday, which is 45.4% lower than the $206.65 million that exchanged hands in the previous trading session.

Exchange rate appreciates at I&E window as forex supply rises to 3-week high 

Thursday, 23rd June 2022: The exchange rate between the naira and the US dollar closed at N420/$1 at the Investors and Exporters (I&E) window. 

Naira gained against the US dollar on Thursday, reaching its highest level in the week to close at N420.17/$1, representing a 0.08% appreciation compared to N420.5/$1 recorded in the previous trading session. This is according to information from the website the FMDQ Exchange. 

A total of $201.81 million in FX value was traded on Thursday as against the $71.99 million that was traded in the previous day, representing a 180.33% increase. 

The exchange rate at the parallel market depreciated by 0.66% to close at N611/$1 on Thursday morning, from N607/$1 recorded as of the previous trading session. This is according to information from BDC operators. 

Meanwhile, the exchange rate at the peer-to-peer market remained stable, trading at N612.59 to a dollar on Friday morning, representing a 0.04% depreciation compared to N612.85/$1 recorded as of the same time on Thursday. 

Nigeria’s external reserves increased by 0.08% on Wednesday, 22nd June 2022 to stand at $38.85 billion from $38.82 billion recorded the previous day. This represents the 11th straight day of improvement for the nation’s foreign reserve. 

 The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve. 

Trading at the official NAFEX window 

The exchange rate at the official market recorded a slight gain on Thursday, appreciated by 0.08% to close at N420.17 to a dollar as against the N420.5/$1 recorded on Wednesday, 23rd June 2022. 

  • The opening indicative rate closed at N419.79/$1 on Thursday, 23rd June 2022, from N419.46/$1 recorded on Wednesday. 
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.17/$1, while it traded as low as N410/$1 during intra-day trading. 
  • A total of $201.81 million in FX value was traded in the official I&E window on Thursday, which is 180.33% higher than the $71.99 million that exchanged hands in the previous trading session. 

Naira falls to N611/$1 at the black market as FX liquidity tightens

The exchange rate between the naira and the US dollar closed at N420.5/$1 at the Investors and Exporters (I&E) window.

Naira closed slightly weaker on Wednesday with a 0.05% depreciation to close at N420.5/$1 compared to N420.28/$1 recorded in the previous trading session. This is according to information from the website the FMDQ Exchange.

A total of $71.99 million in FX value exchanged hands on Wednesday as against the $108.06 million that was traded in the previous day, representing a 33.38% decrease.

The exchange rate at the parallel market depreciated by 0.66% to trade at N611/$1 on Thursday morning, from N607/$1 recorded as of the previous trading session. This is according to information from BDC operators.

Meanwhile, the exchange rate at the peer-to-peer market recorded a slight uptick on Thursday morning, trading at N612.85/$1 compared to N613/$ recorded as of the same time on Wednesday, 22nd June 2022.

Nigeria’s external reserves increased by 0.07% on Tuesday, 21st June 2022 to stand at $38.82 billion from $38.79 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

  • The exchange rate at the official market depreciated marginally by 0.05% on Wednesday to close at N420.5/$1 compared to N420.28/$1 recorded as of close of trade on Tuesday.
  • The opening indicative rate closed at N419.46/$1 on Wednesday, 22nd June 2022, from N420.71/$1 recorded on Tuesday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.5/$1, while it traded for as low as N412/$1 during intra-day trading.
  • A total of $71.99 million in FX value was traded in the official I&E window on Wednesday, which is 33.38% lower than the $108.06 million that exchanged hands in the previous trading session.

Forex supply surges by 135% to $108.1 million at I&E window

Tuesday, 21st June 2022: The exchange rate between the naira and the US dollar closed at N420.28/$1 at the Investors and Exporters (I&E) window.

Naira closed stronger on Tuesday with a 0.25% gain to close at N420.28/$1 compared to N421.33/$1 recorded in the last two trading sessions. This is according to information culled from the website the FMDQ Exchange.

A total of $108.06 million in FX value exchanged hands on Tuesday as against the $46.07 million that was traded in the previous day, representing a surge of 134.6%

The exchange rate at the parallel market remained stable on Tuesday, depreciated slightly by 0.17% to close at N607/$1 from N606/$1 recorded as of the close of trading activities on Monday. This is according to information from BDC operators.

Meanwhile, the exchange rate at the peer-to-peer market depreciated by 0.13% on Wednesday morning, trading at N613/$1 compared to N612.19/$ recorded as of the same time on Tuesday, 21st June 2022.

Nigeria’s external reserves increased by 0.25% on Monday, 20th June 2022 to stand at $38.79 billion from $38.69 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

  • The exchange rate at the official market improved by 0.25% on Tuesday to close at N420.28 to a dollar compared to N421.33/$1 recorded as of close of trade on Monday.
  • The opening indicative rate closed at N420.71/$1 on Tuesday, 21st June 2022, from N490.71/$1 recorded on Monday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.28/$1, while it sold for as low as N413/$1 during intra-day trading.
  • A total of $108.06 million in FX value was traded in the official I&E window on Tuesday, which is 134.6% higher than the $46.07 million that exchanged hands in the previous trading session.

Naira closes flat at official market as FX supply crashes to $46.1 million

Monday, 20th June 2022: The exchange rate between the naira and the US dollar closed at N421.33/$1 at the Investors and Exporters (I&E) window.

Naira remained stable at the official Investors and Exporters window on Monday, closing at the same rate as it did on Friday of the previous week at N421.33/$1. This is according to information culled from the website the FMDQ Exchange.

The amount of FX that was traded in the I&E window crashed significantly to its lowest in over two months at $46.07 million.

The exchange rate at the parallel market remained stable on Monday grew slightly stronger, having closed at N606/$1, from N607/$1 recorded as of the close of trading activities last week on Friday. This is according to information from BDC operators.

Meanwhile, the exchange rate at the peer-to-peer market depreciated by 0.15% on Tuesday morning, trading at N612.19/$1 compared to N611.3/$ recorded as of the same time on Monday, 20th June 2022.

Nigeria’s external reserves appreciated marginally by 0.08% on Friday, 17th June 2022 to stand at $38.69 billion from $38.66 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.

Trading at the official NAFEX window

  • The exchange rate started the week on a stable note as the naira closed flat at N421.33/$1, the same as recorded in the previous trading session.
  • The opening indicative rate closed at N419.71/$1 on Monday, 20th June 2022.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N421.33/$1, while it sold for as low as N413/$1 during intra-day trading.
  • A total of $46.07 million in FX value was traded in the official I&E window on Monday, which is the lowest recorded since 4th April 2022.

Naira falls at official market despite improved forex liquidity

Thursday, 16th June 2022: The exchange rate between the naira and the US dollar closed at N420.5/$1 at the Investors and Exporters (I&E) window.

Naira grew weaker against the US dollar on Thursday despite improvement in FS supply at the official market. The exchange rate declined by 0.12% to close at N420.5/$1 compared to N420/$1, which it closed on Wednesday. This is according to information culled from the website the FMDQ Exchange.

The amount of FX that was traded in the I&E window increased by 9.41% to $136.35 million from $124.62 million that exchanged hands in the previous trading session.

The exchange rate at the parallel market remained stable on Thursday, having closed at N607/$1, the same as recorded during the previous trading session. This is according to information from BDC operators.

Meanwhile, the exchange rate at the peer-to-peer market appreciated by 0.45% on Friday morning, trading at N607/$1 compared to N609.74/$ recorded as of the same time on Thursday, 16th June 2022.

Nigeria’s external reserves appreciated marginal by 0.04% on Wednesday, 15th June 2022 to stand at $38.63 billion from $38.62 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.

Trading at the official NAFEX window

  • The exchange rate fell by 0.12% on Thursday, to close at N420.5/$1 from N420/$1 recorded on Wednesday, 15th June 2022.
  • The opening indicative rate closed at N419.82/$1 on Friday, 16th June 2022, representing a 20 kobo depreciation compared to N419.65/$1 recorded on Tuesday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.5 $1, while it sold for as low as N413/$1 during intra-day trading.
  • A total of $136.35 million in FX value was traded in the official I&E window on Thursday, representing a 9.41% increase compared to $124.62 million traded in the previous trading session.

Naira falls to N420/$1 at I&E window despite moderations at parallel market

Tuesday, 7th June 2022: The exchange rate between the naira and the US dollar closed at N420.75/$1 at the Investors and Exporters (I&E) window.

Naira recorded a 0.12% depreciation on Tuesday to close at N420.75/$1 compared to N420.25/$1 recorded in the previous trading session, representing its lowest level since 16th of May 2022. The fall in the local currency is despite the 129.7% surge in forex turnover to $113.12 million at the I&E window.

Meanwhile, the exchange rate remained stable at the parallel market, closing at N606 to a dollar on Tuesday, the same as recorded in the past two trading sessions. This is according to information from BDC operators in Nigeria.

The exchange rate at the P2P market moderated further on Wednesday, starting the day as low as N601/$1, compared to N602.5/$1 recorded as of the same time on Tuesday. This represents a 0.25% appreciation of the exchange rate.

Meanwhile, Nigeria’s external reserves fell by 0.09% on Monday, 4th June 2022 to stand at $38.42 billion from $38.46 billion recorded the previous day. The nation’s external had been on a downturn since 25th April 2022 largely due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.

Trading at the official NAFEX window

The exchange rate depreciated by 0.12% on Tuesday to close at N420.75/$1 from N420.25/$1 recorded on Monday.

  • The opening indicative rate closed at N420.1/$1 on Tuesday, 7th June 2022, the same as recorded on Monday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.75/$1, while it sold for as low as N413/$1 during intra-day trading.
  • A total of $113.12 million in FX value was traded in the official I&E window on Tuesday, representing a 129.73% increase compared to $49.24 million traded in the previous trading session.

Crypto market update

  • Despite the recovery posted in the cryptocurrency market yesterday, the market resumed trading activities on Wednesday on a bearish note as the industry capitalization declined by 1.75% to stand at $1.22 trillion.
  • The most capitalized crypto asset, bitcoin also recorded a 2.69% decline to trade at $30,287.34, while Ethereum with a decline of 1.37% traded at $1,787.22 as of 5:20am (WAT).
  • Similarly, Solana recorded a 1.18% decline in price to trade at $38.835, Uniswap dipped 1.36% to trade at $5.146, while Luna on the other hand, gained 1.03% to trade at $0.00006466.

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