The exchange rate between the naira and the US dollar closed at N430/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Naira depreciated by 0.09% on Monday, 15th August 2022 to close trading at N430/$1 from N429.62/$1 recorded in the previous trading session. However, forex supply inclined significantly by 190% to $134.3 million from $46.31 million that exchanged hands on Friday, 12th August 2022.
On the other hand, Naira recorded a marginal appreciation on Tuesday morning, trading at a minimum of N676.38/$1 compared to N678.98/$1 recorded in the previous trading session.
Meanwhile, at the parallel market, the Naira fell to N678/$1 on Monday, closing with a 0.44% depreciation compared to N675/$1 recorded in the previous trading session as FX traders continued to lament scarcity of forex and sustained high demand. This is according to information obtained from black market FX traders.
Nigeria’s external reserves recorded a rare gain on Friday, 12th August 2022, after the reserve level improved slightly by 0.01% to stand at $38.884 billion, from $38.881 billion recorded as of the previous day. The reserve level which had been on a downturn in recent times, due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility.
Trading at the official NAFEX window
The exchange rate at the official market depreciated on Monday, 15th August 2022 by 0.09% to close at N430 to a dollar as against the N429.62/$1 recorded on Friday, 12th August 2022.
- The opening indicative rate closed at N429.70/$1 on Monday, 15th August 2022, compared to N429.67/$1 recorded in the previous trading session.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N430/$1, while it traded as low as N417/$1 during intra-day trading.
- A total of $134.30 million in FX value exchanged hands on Monday, which is 190% higher than the $46.31 million that was traded in the previous trading session.
