Naira closes flat at N417/$1 as $135.7 million exchange hands

The exchange rate between the naira and the US dollar closed at N417/$1 at the official Investors and Exporters (I&E) window, maintaining the same rate as the previous day.

Recall that the official rate had depreciated by 0.18% in the previous trading session.

The exchange rate at the parallel market recorded a market depreciation, selling for an average of N583/$1, representing a 0.87% downturn compared to N578/$1 recorded in the previous session. This is according to information obtained from BDCs operating in Nigeria.

Naira recorded a marginal gain at the Peer-to-peer market (P2P) to trade at a minimum of N582.1/$1 in the early hours of Thursday, which is 0.342% higher than N584.1/$1 recorded on Wednesday.

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In terms of foreign reserve, Nigeria’s FX reserve dipped further by 0.09% to stand at $39.54 billion as of Tuesday, 22nd March 2022 compared to $39.58 billion recorded as of the previous day. The decline is attributed to the continuous intervention by the CBN in the official market.

The exchange rate at the Investors and Exporters window closed at N417/$1 on Wednesday, 23rd March 2022, which is the same as the closing rate for the previous trading session.

The opening indicative rate closed at N415.98/$1 on Wednesday, representing a 10 kobo depreciation compared to the N415.88/$1 recorded on Tuesday, 22nd March 2022.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N417/$1, while it sold for as low as N410/$1 during intra-day trading,

A sum of $135.69 million was traded in FX at the official Investors and Exporters window on Wednesday.

According to the data from the FMDQ, forex turnover increased by 72.39% from $78.71 million recorded on Tuesday to $135.69 million on Wednesday, 23rd March 2022.