Naira falls across forex markets as foreign reserve gains

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 N692.9/$1 recorded as of the same time on Wednesday.

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.

READ ALSO:  Naira collapses further, trades N692/$ at parallel market

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.

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 are beginning to elevate the reserves, albeit very low.