Naira dips further at official window

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 its uptrend after gaining 0.03% to stand at $38.89 billion from $38.88 billion recorded as of the previous week.

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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.

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.