Naira appreciates marginally against Dollar at parallel market

Nigeria’s currency, the Naira on Thursday morning appreciated marginally to N706/$1, representing a 0.14% improvement compared to N707/$1 recorded in the previous trading session at the parallel market.

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.

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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.

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.