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Exchange rate between naira and dollar falls to N735/$1 at the black market on 30th September 2022 

Naira appreciates slightly at black Market at N677/$1

The exchange rate between the naira and the US dollar fell further to a record low of N735/$1, recording a dip of 0.68% on Friday morning, 30th September 2022 on the black market, compared to N730/$1 recorded on Thursday.  

This is according to information obtained from black market traders who spoke to Naijaonpoint. 

Meanwhile, the exchange rate at the Investors and Exporters window fell by 0.15% to close at N437.03/$1 on Thursday, 29th September 2022, when compared to N436.37/$1 recorded in the previous session. This is despite a surge in the amount of traded FX in the window. 

Total forex turnover stood at $223.3 million, representing an 86.9% increase from $119.49 million that exchanged hands in the previous trading session. 

The local currency, on the other hand, at the cryptocurrency peer-to-peer FX market, traded at a minimum of N736.8/$1 on Friday morning, recording a slight depreciation of 0.25% as against N735/$1 traded at the same time on Thursday, 29th September 2022. 

Nigeria’s external reserve stood at $38.32 billion as of 28th September 2022, a decline of 0.1% from $38.36 billion recorded the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous 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 N437.03/$1 on Thursday, 29th September 2022, a drop of 0.15% from N436.37/$1 recorded on Wednesday, 28th September 2022. 

  • The opening indicative rate closed at N437/$1 on Thursday, 29th September 2022, as against N436.79/$1 recorded in the previous session. 
  • Furthermore, an exchange rate of N455/$1 was the highest rate recorded during intra-day trading before it settled at N437.03/$1, while it traded as low as N425/$1 during intra-day trading. 
  • A total of $223.3 million in FX value was traded in the Investors and Exporters window on Thursday, which is 86.88% higher than the $119.49 million that exchanged hands on Wednesday. 

 


Exchange rate between naira and dollar falls to N730/$1 at the black market on 29th September 2022 

The exchange rate between the naira and the US dollar continued its depreciation as it fell by 0.69% on Thursday morning, 29th September 2022, to trade at N730/$1 at the parallel market, compared to N725/$1 recorded on Wednesday.  

This is according to information obtained from black market traders. 

Likewise, the exchange rate at the official Investors and Exporters window recorded a slight depreciation of 0.01% to close at N436.37/$1  on Wednesday, 28th September 2022, from N436.33/$1 recorded in the previous session. 

Meanwhile, a total of $119.49 million exchanged hands at the official market on Wednesday, 28th September 2022, a 20.17% increase from $99.43 million that was traded on Tuesday. 

he local currency at the cryptocurrency peer-to-peer FX market, traded at a minimum of N735/$1 on Thursday morning, a slight depreciation of 0.22% when compared to N733.4/$1 that it traded at the same time on Wednesday, 28th September, 2022. 

Nigeria’s external reserve stood at $38.36 billion as of 27th September 2022, a decline of 0.07% from $38.39 billion recorded as of the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous 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 N436.37/$1 on Wednesday, 28th September 2022, a slight depreciation of 0.01% as against N436.33/$1 recorded on Tuesday, 27th September 2022. 

  • The opening indicative rate closed at N436.79/$1 on Wednesday, 28th September 2022, as against N434.93/$ recorded in the previous session. 
  • Furthermore, an exchange rate of N442/$1 was the highest rate recorded during intra-day trading before it settled at N436.37/$1, while it traded as low as N417/$1 during intra-day trading. 
  • A total of $119.49 million in FX value was traded in the Investors and Exporters window on Wednesday, which is 20.17% higher than the $99.43 million that exchanged hands on Tuesday. 

 


Exchange rate between naira and dollar falls to N725/$1 at the black market on 28th September 2022 

The exchange rate between the naira and the US dollar continued its depreciation as it recorded a fall of 0.42% on Wednesday morning, 28th September 2022, to trade at N725/$1 at the parallel market, compared to N722/$1 traded on Tuesday, the previous trading session.  

This is according to information obtained from black market traders. 

The naira fell slightly by 0.08% against the US dollar to close at N436.33/$1 at the official Investors and Exporters window on Tuesday, 27th September 2022, compared to N436/$1 recorded in the previous session. Meanwhile, a total of $99.43 million was traded on Tuesday, which is 27.31% higher than the $78.1 million that exchanged hands on Monday. 

On the other hand, the local currency fell marginally by 1.44% in the cryptocurrency peer-to-peer FX market, to trade at a minimum of N733.4/$1 on Wednesday morning, as against N723/$1 that it traded at the same time on Tuesday, 27th September 2022. 

Nigeria’s external reserve stood at $38.39 billion as of 26th September 2022, a dip of 0.2% from $38.46 billion recorded the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous 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 N436.33/$1 on Tuesday, 27th September 2022, a slight depreciation of 0.08% as against N436/$1 recorded on Monday, 26th September 2022. 

  • The opening indicative rate closed at N434.93/$1 on Tuesday, 27th September 2022, as against N435.67/$ recorded in the previous session. 
  • Furthermore, an exchange rate of N441/$1 was the highest rate recorded during intra-day trading before it settled at N436.33/$1, while it traded as low as N435/$1 during intra-day trading. 
  • A total of $99.43 million in FX value was traded in the Investors and Exporters window on Tuesday, which is 27.31% higher than the $78.1 million that exchanged hands on Monday. 

 


Exchange rate between naira and dollar falls to N722/$1 at the black market on 27th September 2022 

The exchange rate between the naira and the US dollar recorded a massive depreciation on Tuesday morning, 27th September 2022, to trade at N722/$1 at the parallel market, representing a depreciation of 1.26% from N713/$1 traded on Monday, the previous trading session. This is according to information obtained from black market traders. 

On the other hand, the exchange rate between the naira and the US dollar closed at N436/$1 at the official Investors and Exporters window on Monday, 26th September 2022, a slight appreciation of 0.08% from N436.33/$1 recorded in the previous session. Despite the uptrend in the exchange rate, forex turnover dipped to $78.1 million on Monday, a 26.4% decline from $106.11 million that exchanged hands last week’s Friday. 

Meanwhile, the local currency recorded an appreciation of 0.84% at the cryptocurrency peer-to-peer FX market, to trade at a minimum of N723/$1 on Tuesday morning, from N729.1/$1 that it traded at the same time on Monday, 26th September 2022. 

Nigeria’s external reserve stood at $38.46 billion as of 23rd September 2022, a slight decline of 0.06% from $38.49 billion recorded the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous 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 N436/$1 on Monday, 26th September 2022, a slight appreciation of 0.08% appreciation as against N436.33/$1 recorded on Friday, 23rd September 2022. 

  • The opening indicative rate closed at N435.67/$1 on Monday, 26th September 2022, as against N434.83/$ recorded in the previous session. 
  • Furthermore, an exchange rate of N441/$1 was the highest rate recorded during intra-day trading before it settled at N436/$1, while it traded as low as N423/$1 during intra-day trading. 
  • A total of $78.1 million in FX value was traded in the Investors and Exporters window on Monday, which is 26.4% lower than the $106.11 million that exchanged hands on Friday. 

 


Exchange rate between naira and dollar remains stable at N713/$1 at the black market on 26th September 2022 

The exchange rate between the naira and the US dollar at the parallel market traded at N713/$1 on Monday morning, 26th September 2022, a 0.14% depreciation from N712/$1 recorded on Friday, last week. This is according to information obtained from black market traders. 

Meanwhile, the exchange rate at the official Investors and Exporters window appreciated slightly by 0.04% to close at N436.33/$1 on Friday, 23rd September 2022, as against N436.5/$1 recorded in the previous session. A total of $106.11 million was traded at the window on Friday, representing a 4.3% marginal increase when compared to $101.74 million that exchanged hands in the previous session. 

On the other hand, the local currency depreciated further to a new record high at the cryptocurrency peer-to-peer FX market, to trade at a minimum of N729.1/$1 on Monday morning, a downturn of 1.14% from N720.9/$1 that it traded at the same time on Friday, last week. 

Meanwhile, Nigeria’s external reserve stood at $38.49 billion as of 22nd September 2022, a slight decline of 0.07% from $38.51 billion recorded as of the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous 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 N436.33/$1 on Friday, 23rd September 2022, which is a 0.04% appreciation from N436.5/$1 recorded on Thursday, 22nd September 2022. 

  • The opening indicative rate closed at N434.83/$1 on Friday, 23rd September 2022, as against N435.08/$ recorded in the previous session. 
  • Furthermore, an exchange rate of N438/$1 was the highest rate recorded during intra-day trading before it settled at N436.33/$1, while it traded as low as N425/$1 during intra-day trading. 
  • A total of $106.11 million in FX value was traded in the Investors and Exporters window on Friday, which is 4.3% higher than the $101.74 million that exchanged hands on Thursday. 

 


Exchange rate between naira and dollar remains stable at N712/$1 at the black market on 23rd September 2022 

The exchange rate between the naira and the US dollar at the parallel market traded at N712/$1 on Friday morning, 23rd September 2022 same as recorded in the previous trading session. This is according to information obtained from black market traders. 

Similarly, the exchange rate remained stable at the official Investors and Exporters window, closing at N436.5/$1 on Thursday, 22nd September 2022, same as recorded in the previous session. Meanwhile, a total of $101.74 million was traded at the window, a decline of 24.06% when compared to $133.97 million that exchanged hands in the previous session. 

On the other hand, the local currency depreciated further to a new record high at the cryptocurrency peer-to-peer FX market, to trade at a minimum of N720.9/$1 on Friday morning, a decline of 0.31% from N718.69/$1 that it traded at the same time on Thursday. 

Nigeria’s external reserve stood at $38.51 billion as of 21st September 2022, a slight decline of 0.07% from $38.54 billion recorded as of the previous day. The nation’s foreign reserve has 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 N436.5/$1 on Thursday, 22nd September 2022, which is the same as recorded on Wednesday, 21st September 2022. 

  • The opening indicative rate closed at N435.08/$1 on Thursday, 22nd September 2022, as against N434.75/$ recorded in the previous session. 
  • Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N425/$1 during intra-day trading. 
  • A total of $101.74 million in FX value was traded in the Investors and Exporters window on Thursday, which is 24.1% lower than the $133.97 million that exchanged hands on Wednesday. 

 


Exchange rate between naira and dollar trades to N712/$1 at the black market on 22nd September 2022 

The exchange rate between the naira and the US dollar at the parallel market on at N712/$1 on Thursday morning, 22nd September 2022 compared to N712.5/$1 recorded as of the close of trade on Wednesday. This is according to information obtained from black market traders. 

On the other hand, the local currency depreciated further at the cryptocurrency peer-to-peer FX market, trading at a minimum of N718.6961 on Thursday morning, a 0.29% decline from N716.59/$1 that it traded at the same time on Wednesday. 

Also, the naira dropped marginally against the US dollar on Wednesday to close at N436.5/$1, from N436.25/$1 that it closed in the previous trading session. Meanwhile, a total of $133.97 million was traded at the window, a decrease of 5.33% when compared to $141.5 million that exchanged hands in the previous session. 

Nigeria’s external reserve stood at $38.54 billion as of 20th September 2022, a slight decline of 0.1% from $38.57 billion recorded as of the previous day. The nation’s foreign reserve has 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 N436.5/$1 on Wednesday, 21st September 2022, from N436.25/$1 recorded on Tuesday, the previous trading session. 

  • The opening indicative rate closed at N434.75/$1 on Wednesday, 21st September 2022, as against N435.07 recorded in the previous session. 
  • Furthermore, an exchange rate of N438/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N425/$1 during intra-day trading. 
  • A total of $133.97 million in FX value was traded in the Investors and Exporters window on Wednesday, which is 5.33% lower than $141.51 million that exchanged hands on Tuesday. 

Exchange rate between naira and dollar falls to N713/$1 at the black market on 21st September 2022

The exchange rate between the naira and the US dollar at the parallel market on Wednesday, 21st September 2022 fell to N712.5/$1, representing a 1.1% depreciation compared to N705/$1 recorded as of the close of trade Tuesday. This is according to information for black market traders.

Similarly, the local currency depreciated at the cryptocurrency peer-to-peer FX market, trading at a minimum of N716.59/$1 on Wednesday morning, a 0.3% decline from N714.4/$1 that it traded at the same time on Tuesday.

Meanwhile, the naira gained marginally against the US dollar on Tuesday to close at N436.25/$1, from N436.5/$1 that it closed in the previous trading session. Meanwhile, a total of $141.51 million was traded at the window, an increase of 244.98% when compared to $41.02 million recorded on Monday.

Nigeria’s external reserve stood at $38.57 billion as of 19th September 2022, a slight decline of 0.20% from $38.65 billion recorded as of the previous day. The nation’s foreign reserve has 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 N436.25/$1 on Tuesday, 20th September 2022, from N436.5/$1 recorded on Monday, the previous trading session.

  • The opening indicative rate closed at N435.07/$1 on Tuesday, 20th September 2022, as against N434.38 recorded in the previous session.
  • Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.25/$1, while it traded as low as N425/$1 during intra-day trading.
  • A total of $141.51 million in FX value was traded in the Investors and Exporters window on Tuesday, representing a 244.98% uptick from $41.02 million that exchanged hands on Monday.

 


Exchange rate between naira and dollar appreciates to N705/$1 at the black market on 20th September 2022

The exchange rate between the naira and the US dollar at the parallel market on Tuesday, 20th September 2022 appreciated to N705/$1, representing a 0.42 uptick compared to N708/$1 recorded as of the close of trade Monday. This is according to information for black market traders.

On the other hand, the local currency depreciated at the cryptocurrency peer-to-peer FX market, trading at a minimum of N714.4/$1 on Tuesday morning, a 0.102% decline from N713.67/$1 that it traded at the same time on Monday.

Likewise, the naira depreciated slightly against the US dollar to close at N436.5/$1 on Monday, 19th September 2022 from N436.25/$1 that it closed in the previous trading session. Meanwhile, a total of $41.02 million was traded at the window, a depreciation of 11.15% when compared to $46.17 million recorded on Friday.

Nigeria’s external reserve stood at $38.65 billion as of 16th September 2022, a slight decline of 0.11% from $38.69 billion recorded as of the previous day. The nation’s foreign reserve has 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 N436.5/$1 on Monday, 19th September 2022, from N436.25/$1 recorded on Friday, the previous trading session.

  • The opening indicative rate closed at N434.38/$1 on Monday, 19th September 2022, as against N434.67 recorded in the previous session.
  • Furthermore, an exchange rate of N437.1/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N434/$1 during intra-day trading.
  • A total of $41.02 million in FX value was traded in the Investors and Exporters window on Monday, representing a 11.15% fall from $46.17 million that exchanged hands on Friday.

Exchange rate between naira and dollar depreciates to N708/$1 at the black market on 19th September 2022

The exchange rate between the naira and the US dollar at the parallel market on Monday, 19th September 2022 depreciated to N708/$1, representing a 0.43% fall compared to N705/$1 recorded as of the close of trade last week Friday. This is according to information for black market traders.

Also, the local currency depreciated at the cryptocurrency peer-to-peer FX market, trading at a minimum of N713.67/$1 on Monday morning, a 0.025% decline from N713.49/$1 that it traded at the same time on Friday.

On the other hand, naira appreciated slightly against the US dollar to close at N436.25/$1 on Friday, 16th September 2022 from N436.33/$1 that it closed in the previous trading session. Meanwhile, a total of $46.17 million was traded at the window, a significant decline compared to $118.2 million recorded on Thursday.

Nigeria’s external reserve stood at $38.69 billion as of 15th September 2022, a slight decline of 0.12% from $38.76 billion recorded as of the previous day. The nation’s foreign reserve has 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 N436.25/$1 on Friday, 16th September 2022, from N436.33/$1 recorded on Thursday, the previous trading session.

  • The opening indicative rate closed at N434.67/$1 on Friday, 16th September 2022, as against N434.75 recorded in the previous session.
  • Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.25/$1, while it traded as low as N434.5/$1 during intra-day trading.
  • A total of $46.17 million in FX value was traded in the Investors and Exporters window on Friday which is 60.94% lower than $118.2 million that exchanged hands on Thursday.

Exchange rate between naira and dollar appreciates to N705/$1 at the black market on 16th September 2022

The exchange rate between the naira and the US dollar at the parallel market on Friday, 16th September 2022 appreciated marginally to N705/$1, representing a 0.14% improvement compared to N706/$1 recorded in the previous trading session. This is according to information for black market traders.

According to the black market traders, they sell dollars at the rate of N703/$1 for those who prefer transfer, while for cash transactions it is sold at N705/$1. They attributed the disparity to the lack of cash in the market.

In this vein, the exchange rate at the official I&E window appreciated slightly by 0.04% to close at N436.33/$1 on Thursday, 15th September 2022 from N436.5/$1 recorded on Wednesday. Forex turnover also surged by 79.23% to $118.2 million as against the $65.95 million that exchanged hands on Wednesday.

The exchange rate at the cryptocurrency peer-to-peer FX market witnessed a marginal depreciation on Friday morning to trade at a minimum of N713.49/$1 on Friday morning, as against N713/$1 that it traded at the same time on Thursday.

Nigeria’s foreign reserve stood at $38.74 billion as of 14th September 2022, a slight dip of 0.12% from $38.78 billion recorded as of the previous day. The nation’s foreign reserve has 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 N436.33/$1 on Thursday, 15th September 2022, from N436.5/$1 recorded on Wednesday, the previous trading session.

  • The opening indicative rate closed at N434.75/$1 on Thursday, 15th September 2022, same as recorded in the previous session.
  • Furthermore, the exchange rate of N438.45/$1 was the highest rate recorded during intra-day trading before it settled at N436.33/$1, while it traded as low as N420.5/$1 during intra-day trading.
  • A total of $118.2 million in FX value was traded in the Investors and Exporters window on Thursday which is 79.23% higher than $65.95 million that exchanged hands on Wednesday.

Exchange rate between naira and dollar appreciates marginally to N706/$1 at the black market on 15th September 2022

The exchange rate between the naira and dollar at the parallel market on Thursday 15th September 2022 appreciated marginally to N706/$1, representing a 0.14% improvement compared to N707/$1 recorded in the previous trading session. This is according to information for black market traders.

On the other hand, the exchange rate at the official I&E window depreciated slightly to close at N436.5/$1 on Wednesday, 14th September 2022 from N436.04/$1 recorded on Tuesday. The depreciation in the closing exchange rate is following the 21.22% decline in the amount of FX traded in the I&E window.

Notably, a total of $65.95 million was recorded as forex turnover on Wednesday, which is 21.22% lower than the $83.71 million that exchanged hands on Tuesday.

The exchange rate at the cryptocurrency peer-to-peer FX market fell by 0.85% to trade at a minimum of N713/$1 on Thursday morning, as against N706.98/$1 that it traded at the same time on Wednesday.

Nigeria’s foreign reserve stood at $38.78 billion as of 13th September 2022, a slight dip of 0.09% from $38.82 billion recorded as of the previous day. The nation’s foreign reserve has 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 N436.5/$1 on Wednesday, 14th September 2022, from N436.04/$1 recorded on Tuesday, the previous trading day.

  • The opening indicative rate closed at N434.75/$1 on Wednesday, 14th September 2022, same as recorded in the previous session.
  • Furthermore, the exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N423/$1 during intra-day trading.
  • A total of $65.95 million in FX value was traded in the Investors and Exporters window on Wednesday which represents a 21.22% decline compared to the $83.71 million that exchanged hands on Tuesday.

Exchange rate between naira and dollar falls to N707/$1 at the black market on 14th September 2022

The exchange rate between the naira and dollar at the parallel market on Wednesday 14th September 2022 fell to N707/$1, representing a 0.28% depreciation compared to N705/$1 recorded in the previous trading session. This is according to information for black market traders. 

On the other hand, the exchange rate at the official I&E window has remained stable in the past week, albeit at a high rate as it closed at N436.04/$1 on Tuesday, 13th September 2022. This varies slightly when compared to N436.5/$1 recorded in the previous trading session. 

Meanwhile, a total of $83.71 million was recorded as forex turnover on Tuesday, which is 16.1% lower than the $99.78 million that exchanged hands on Monday. 

The exchange rate at the cryptocurrency peer-to-peer FX market fell by 0.35% to trade at N706.98/$1 on Wednesday morning, as against N704.5/$1 that it traded at the same time me on Tuesday. 

Nigeria’s foreign reserve stood at $38.82 billion as of 12th September 2022, a dip of 0.26% from $38.92 billion recorded as of the previous day. The nation’s foreign reserve has 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 N436.04/$1 on Tuesday, 13th September 2022, from N436.5/$1 recorded on Monday, the previous trading day. 

  • The opening indicative rate closed at N434.75/$1 on Tuesday, 13th September 2022, compared to N434.4/$1 recorded in the previous trading session. 
  • Furthermore, the exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.04/$1, while it traded as low as N435/$1 during intra-day trading. 
  • A total of $83.71 million in FX value was traded in the Investors and Exporters window on Monday which is 16.11% lower than the $99.78 million that exchanged hands on Monday. 

Exchange rate between naira and dollar trades at N705/$1 at the black market on 13th September 2022 

Monday, 12th September 2022: The exchange rate between the naira and the US dollar at the I&E window closed at N436.5/$1, a slight depreciation of 0.04% compared to N436.33/$1 recorded on Friday, 9th September 2022.

The exchange rate at the parallel market traded at N705 to a dollar on Tuesday 13th September 2022, which represents a 0.14% appreciation from N706/$1 recorded in the previous trading day. 

In the same vein, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated by 0.14% to trade at N704.5/$1 on Tuesday morning, as against N705/$1 that it traded as of the same time on Monday. 

Nigeria’s foreign reserve stood at $38.917 billion as of 9th September 2022, from $38.9157 billion recorded as of the previous day. The nation’s foreign reserve has 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 N436.5/$1 on Monday, 12th September 2022, from N436.33/$1, recorded on Friday, last week. 

  • The opening indicative rate closed at N434.4/$1 on Monday, 12th September 2022, compared to N433.83/$1 recorded in the previous trading session. 
  • Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N425/$1 during intra-day trading. 
  • A total of $99.78 million in FX value was traded in the Investors and Exporters window on Monday which is 51.14% higher than the $66.02 million that exchanged hands on Friday. 

Exchange rate between naira and dollar trades at N706/$ at the black market on 12th September 2022

The exchange rate between the naira and the US dollar stood at N706/$1 on Monday, 12th September 2022 morning, a 0.28% appreciation compared to N708/$1 recorded on Friday, last week. This is according to information obtained from black market operators.

The local currency declined marginally against the US dollar to close at N436.33/$1 at the official exchange rate market (I&E window), representing a 0.002% depreciation compared to N436.32/$1 recorded in the previous trading session.

Meanwhile, a total of $66.02 million was traded at the official market on Friday, which is 76.05% higher than the $37.5 million that exchanged hands on Thursday, 8th September 2022.

On the other hand, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated by 0.14% to trade at N705/$1 on Monday morning, as against N706/$1 that it traded as of the same time last week Friday.

Nigeria’s foreign reserve stood at $38.92 billion as of 8th September 2022, from $38.9156 billion recorded as of the previous day. The nation’s foreign reserve has 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 N436.33/$1 on Friday, 9th September 2022, from N436.32/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N433.83/$1 on Friday, 9th September 2022, compared to N433.75/$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 N436.33/$1, while it traded as low as N425/$1 during intra-day trading.
  • A total of $66.02 million in FX value was traded in the Investors and Exporters window on Friday which is 76.1% higher than the $37.5 million that exchanged hands on Thursday.

Exchange rate between naira and dollar trades at N708/$ at the black market on 9th September 2022

The exchange rate between the naira and the US dollar stood at N708/$1 on Friday, 9th September 2022 morning, the same as recorded in the previous trading session. This is according to information obtained from black market operators.

Meanwhile, the exchange rate at the official Investors and Exporters window dipped further to close at N436.32/$ on Thursday, 8th September 2022, representing a slight appreciation of 0.04% when compared to N436.5/$1 recorded in the previous trading session.

The supply of forex fell marginally by 54.4% to stand at $37.5 million when compared to $82.23 million which was traded at the official market in the previous trading session.

On the other hand, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated slightly by 0.03% to stand at N706/$1 on Friday morning, as against N706.54/$1 that it traded as of the same time the previous day.

Nigeria’s foreign reserve stood at $38.92 billion, recording a slight decline of 0.05% as of Tuesday 6th September 2022, from $38.94 billion recorded as of the previous day.. The nation’s foreign reserve has 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 N436.5/$1 on Thursday, 8th September 2022, from N436/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N433.75/$1 on Thursday, 8th September 2022, compared to N431.88/$1 recorded in the previous day.
  • Furthermore, an exchange rate of N437.5/$1 was the highest rate recorded during intra-day trading before it settled at N436.32/$1, while it traded as low as N425/$1 during intra-day trading.
  • A total of $37.5 million in FX value was traded in the Investors and Exporters window on Thursday which is 54.40% lower than $82.23 million that exchanged hands the previous day.

Exchange rate between naira and dollar falls to N708/$ at the black market on 8th September 2022

The exchange rate between the naira and the US dollar depreciated further on Thursday, 8th September 2022 morning, trading at an average of N708/$1 compared to N704/$1 recorded in the previous trading session.

This is according to information obtained from black market operators. According to the traders, they buy dollar from individuals at a rate of N700, while they sell at an average of N708/$1 depending on the quantity.

Also, the exchange rate at the official Investors and Exporters window dipped further to close at N436.5/$ on Wednesday, 7th September 2022, representing a 0.11% depreciation when compared to N436/$1 recorded in the previous trading session.

A total of $82.23 million was traded at the official market, which is 30.4% higher than the $63.05 million that exchanged hands in the previous trading session.

On the other hand, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated slightly by 0.05% to stand at N706.2/$1 on Thursday morning, as against N706.54/$1 that it traded as of the same time the previous day.

Nigeria’s foreign reserve stood at $38.92 billion, recording a slight decline of 0.05% as of Tuesday 6th September 2022, from $38.94 billion recorded as of the previous day.. The nation’s foreign reserve has 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 N436.5/$1 on Wednesday, 7th September 2022, from N436/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N431.88/$1 on Wednesday, 7th September 2022, compared to N433/$1 recorded in the previous day.
  • Furthermore, an exchange rate of N437.5/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N418/$1 during intra-day trading.
  • A total of $82.23 million in FX value was traded in the Investors and Exporters window on Wednesday which is 30.42% higher than $63.05 million that exchanged hands the previous day.

 


Exchange rate between naira and dollar falls to N706/$ at the P2P market on 7th September 2022

6th September 2022: The naira fell to a record low of N436/$1 at the official Investors and Exporters window, representing a 0.29% depreciation compared to N434.75/$1 recorded in the previous trading session.

A total of $63.05 million in FX value was traded at the official market, a 36.8% decline compared to $99.68 million that exchanged hands in the previous trading session.

Also, the exchange rate at the cryptocurrency peer-to-peer FX market dipped by 0.22% to stand at N706.54/$1 on Wednesday morning, as against N704.99/$1 that it traded as of the same time the previous day.

Naira on the other hand appreciated slightly by 0.14% on Wednesday to trade at N704/$1 at the black market compared to N705/$1 recorded on Tuesday, 6th September 2022. This is according to information obtained from black market operators.

Nigeria’s foreign reserve stood at $38.94 billion, recording a slight decline of 0.16% as of Monday, 5th September 2022, from $38.99 billion recorded as of the previous day.. The nation’s foreign reserve has 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 N436/$1 on Tuesday, 6th September 2022, from N434.75/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N433/$1 on Tuesday, 6th September 2022, compared to N431.3/$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 N436/$1, while it traded as low as N425/$1 during intra-day trading.
  • A total of $63.05 million in FX value was traded in the Investors and Exporters window on Tuesday which is 36.75% lower than $99.68 million that exchanged hands the previous day.

Exchange rate between naira and dollar falls to N705/$ at black market on 5th September 2022

5th September 2022: The exchange rate between the naira and US dollar fell to record low of N434.75/$1 at the official Investors and Exporters window, representing a 0.75% depreciation compared to N431.5/$1 recorded in the previous trading session.

The depreciation of the local currency against the USD is despite the 6.56% in the amount of forex traded in the market. Notably, forex turnover increased from $93.54 million traded on Friday, 2nd September 2022 to $99.68 million on Monday.

Also, the exchange rate at the cryptocurrency peer-to-peer FX market fell by 0.569% to stand at N704.99/$1 on Tuesday morning, compared to N701/$1 that it traded as of the same time the previous day.

In the same vein, Naira closed at N705/$1 on Monday, 5th September 2022 at the black market from N702/$1 recorded in the previous trading session. This is according to information obtained from black market operators.

Similarly, Nigeria’s foreign reserve recorded a slight decline of 0.07% to stand at $38.99 billion as of Friday, 2nd September 2022, from $39.02 billion recorded as of the previous day.. The nation’s foreign reserve has 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 N434.75/$1 to a dollar on Monday, 5th September 2022, from N431.5/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N431.3/$1 on Monday, 5th September 2022, compared to N429.1/$1 recorded in the previous day.
  • Furthermore, an exchange rate of N437.5/$1 was the highest rate recorded during intra-day trading before it settled at N434.75/$1, while it traded as low as N425/$1 during intra-day trading.
  • A total of $99.68 million in FX value was traded in the Investors and Exporters window on Friday which is 6.56% higher than $93.54 million that exchanged hands the previous day.

Naira falls to N705/$1 at black market as FX liquidity remains low

The exchange between the naira and the US dollar fell to N705/$1 for those buying FX at the black market. This represents a 0.43% depreciation when compared to N702/$1 recorded on Friday, 2nd September 2022.

This is according to information from black market forex traders around Lagos State. Meanwhile, the exchange rate at the official market also fell to a record low of N431.5/$1 in the last trading session, hitting an intra-day high of N444/$1.

A total of $93.54 million exchanged hands on Friday, representing a 25.25% increase compared to $74.68 million traded on Thursday, 1st September 2022. The volume of forex traded during the week averaged $82.9 million per day, in contrast to $126.8 million recorded in the previous week.

Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange likewise depreciated slightly to N701.8/$1 during mid-day trading on Monday from N697.5/$1 recorded as of the same time on Friday. This represents a 0.62% fall against the US dollar in the P2P market.

Also, Nigeria’s foreign reserve recorded a slight decline of 0.002% to stand at $39.02 billion. The nation’s foreign reserve has 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 N431.5/$1 to a dollar on Friday, 2nd September 2022, from N430/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N429.1/$1 on Friday, 2nd September 2022, compared to N429/$1 recorded in the previous day.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N431.5/$1, while it traded as low as N418/$1 during intra-day trading.
  • A total of $93.54 million in FX value was traded in the Investors and Exporters window on Friday which is 25.25% higher than $74.68 million that exchanged hands the previous day.

Naira depreciates marginally at official market as external reserve stands at $39 billion 

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 Naijaonpoint 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.

Naira closed on a positive note on Wednesday, 31st August 2022, gaining 0.36% to close at N429.44/$1 compared to N431/$1 recorded in the previous trading session. A total of $109.47 million in FX value exchanged hands on Wednesday.

Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange appreciated to N693.2/$1 on Thursday morning from N699.04/$1 recorded as of the same time on Wednesday. This represents a 0.84% gain against the US dollar at the P2P market.

In the same vein, Nigeria’s foreign reserve continued its gains on Tuesday, as the reserve gained 0.03% to stand at $39.02 billion, surpassing the $39 billion threshold once again. 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 N429.44/$1 to a dollar on Wednesday, 31st August 2022, from N431/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N429.17/$1 on Wednesday, 31st August 2022.
  • Furthermore, an exchange rate of N453/$1 was the highest rate recorded during intra-day trading before it settled at N429.44/$1, while it traded as low as N418/$1 during intra-day trading.
  • A total of $109.47 million in FX value was traded in the Investors and Exporters window on Wednesday..

Forex supply falls further to $54 million as exchange rate remains stable

Monday, 29th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1 at the Investors and Exporters window, where forex is traded officially.

Naira remained stable at the I&E window on Monday, closing at the same rate recorded in the previous trading session, despite the further decline in the amount of forex traded at the official market. Specifically, forex turnover decreased by 34.3% to $54.13 million from $82.38 million recorded on Friday, 26th August 2022.

Meanwhile, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N699.29/$1 on Friday morning, a 0.09% appreciation when compared to N699.92/$1 recorded as of the same time on Monday.

Trading at the official NAFEX window

The exchange rate at the official market closed at N430.33/$1 to a dollar on Monday, 29th August 2022, the same as recorded in the previous trading session.

  • The opening indicative rate closed at N429.07/$1 on Monday, 29th August 2022, from N428.5/$1 recorded on Friday of the previous week.
  • Furthermore, an exchange rate of N432/$1 was the highest rate recorded during intra-day trading before it settled at N430.33/$1, while it traded as low as N417/$1 during intra-day trading.
  • A total of $54.13 million in FX value was traded on Monday, which is 34.29% lower than the $82.38 million that exchanged hands on Friday, 26th August 2022.

Forex supply falls to $82.9 million as exchange rate depreciates to N698/$1 at black market

Thursday, 25th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1 at the Investors and Exporters window, where forex is traded officially.

Naira appreciated slightly against the US dollar on Thursday, by 0.08% to close at N430.67/$1 compared to N431/$1 recorded in the previous trading session. The supply of forex that exchange hands dipped significantly by 36.88% to stand at $82.88 million as against $131.30 million traded on Wednesday.

On the flip side, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N697/$1 on Friday morning, a 0.14% depreciation when compared to N696/$1 recorded as of the same time on Thursday.

Similarly, naira closed trading at N698/$1 at the black market on Thursday, indicating a 0.29% depreciation against the US dollar, representing the lowest level since August 1, 2022. This is according to information from black market operators.

Meanwhile, Nigeria’s external reserves declined slightly by 0.003% on Wednesday, 24th August 2022, to stand at $38.94 billion from $38.941 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date 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 closed at N430.67/$1 to a dollar on Thursday, 25th August 2022 recording an improvement of 0.08% compared to N431/$1 recorded on Wednesday, 24th August 2022.

  • The opening indicative rate closed at N429.75/$1 on Thursday, 25th August 2022, from N428.67/$1 recorded on Wednesday.
  • 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 N417/$1 during intra-day trading.
  • A total of $82.88 million in FX value was traded on Thursday, which is 36.9% lower than the $131.3 million that exchanged hands on Wednesday, 24th August 2022.

Naira depreciates to N696/$1 at P2P forex market

Wednesday, 24th August 2022: The exchange rate between the naira and the US dollar closed at N431/$1 at the Investors and Exporters window, where forex is traded officially.

Naira depreciated further against the US dollar on Wednesday, representing the third consecutive day of decline as the exchange rate dipped by 0.08% to close at N431/$1 compared to N430.67/$1 recorded in the previous trading session.

Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N696/$1 on Thursday morning, a 0.45% depreciation when compared to N696/$1 recorded as of the same time on Wednesday.

Meanwhile, Nigeria’s external reserves improved slightly by 0.003% on Tuesday, 23rd August 2022, to stand at $38.941 billion from $38.94 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility. However, improved non-oil export earnings is beginning to elevate the reserves, albeit very low.

Trading at the official NAFEX window

The exchange rate at the official market closed at N431/$1 to a dollar on Wednesday, 24th August 2022 recording a dip of 0.08% compared to N430.67/$1 recorded on Tuesday, 23rd August 2022.

  • The opening indicative rate closed at N428.67/$1 on Wednesday, 24th August 2022, from N429.07/$1 recorded on Tuesday.
  • 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 N417/$1 during intra-day trading.
  • A total of $131.3 million in FX value was traded on Wednesday, which is 25.3% lower than the $175.67 million that exchanged hands on Tuesday, 23rd August 2022.

Naira falls across forex markets as foreign reserve gains

Tuesday, 23rd August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1 at the official foreign exchange market.

Naira depreciated against the US dollar on Tuesday, representing the second consecutive bearish movement after the exchange rate dipped by 0.29% to close at N430.67/$1 compared to N429.43/$1 recorded in the previous trading session at the Investors and Exporters window.

In the same vein, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N692.9/$1 on Wednesday morning, a 0.28% depreciation when compared to N691/$1 recorded as of the same time on Tuesday.

Also, naira dipped against the US dollar at the parallel market on Tuesday, depreciating by 0.15% to close at N688/$1 from N687/$1 recorded on Monday, 22nd August 2022. This is according to information from black market FX traders.

Nigeria’s external reserves improved slightly by 0.07% on Monday, 22nd August 2022, to stand at $38.94 billion from $38.91 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility. However, improved non-oil export earnings is beginning to elevate the reserves, albeit very low.

Trading at the official NAFEX window

The exchange rate at the official market closed at N430.64/$1 to a dollar on Tuesday, 23rd August 2022 recording a dip of 0.29% compared to N429.43/$1 recorded on Monday, 22nd August 2022.

  • The opening indicative rate closed at N429.07/$1 on Tuesday, 23rd 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 N430.67/$1, while it traded as low as N417/$1 during intra-day trading.
  • A total of $175.67 million in FX value was traded on Tuesday, which is 8.48% higher than the $161.94 million that exchanged hands on Monday, 22nd August 2022.

Naira depreciates at P2P market to N691/$1 despite 222% surge in forex supply

Monday, 22nd August 2022: The exchange rate between the naira and the US dollar closed at N429.43/$1 at the official foreign exchange market.

The exchange rate dipped slightly to close at N429.43/$1 compared to N429.05/$1 recorded on Friday 19th August, 2022, representing a 0.09% depreciation. Meanwhile, forex supply surged by 222.3% to $161.94 million from 50.22 million that exchanged hands in the previous trading session.

Similarly, Naira traded at N691/$1 on Tuesday morning, 23rd August 2022 at the peer-to-peer FX market, indicating a depreciation of 0.16% compared to N689.9/$1 recorded in the previous trading session.

Nigeria’s external reserves improved slightly by 0.012% on Monday, 22nd August 2022, to stand at $38.912 billion from $38.907 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility. However, improved non-oil export earnings is beginning to elevate the reserves, albeit very low.

Trading at the official NAFEX window

The exchange rate at the official market closed at N429.43 to a dollar on Monday, 22nd August 2022 recording a dip of 0.09% compared to N429.05/$1 recorded on Friday, 19th August 2022.

  • The opening indicative rate closed at N429.07/$1 on Monday, 22nd August 2022, compared to N428/$1 recorded in the last trading session.
  • Furthermore, an exchange rate of N432/$1 was the highest rate recorded during intra-day trading before it settled at N429.43/$1, while it traded as low as N415/$1 during intra-day trading.
  • A total of $161.94 million in FX value was traded on Monday, which is 222.46% higher than the $50.22 million that exchanged hands on Friday, 19th August 2022.

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

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.

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. 

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 their 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 the 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 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 the 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 Naijaonpoint 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 Naijaonpoint 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.

... Exchange rate between naira and dollar falls to N735/$1 at the black market on 30th September 2022  Read More on ... Naijaonpoint.

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