Naira falls at black market as demand for FX surges

The exchange rate at the I&E window depreciated marginally on Monday to close at N416.67/$1, which represents a 0.16% fall compared to N416/$1 recorded in the previous trading session.

In the same direction, the exchange rate at the parallel market depreciated on Monday to close at N580/$1, representing a 1.22% decline compared to $573/$1 recorded in the previous trading session.

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Meanwhile, FX turnover at the official market dropped by 40.23% to $80.32 million on Monday from $134.39 million recorded on Friday of the previous week. Recall that a total of $571.1 million was traded in the market in the previous week.

On the other hand, the exchange rate at the Peer-to-Peer (P2P) forex market appreciated by 1.276% to trade at N572.6/$1 in the early hours of Tuesday, 1st March 2022 compared to N580/$1 recorded on Monday morning.

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The exchange rate at the Investors and Exporters window closed at N416.67/$1 on Monday, 28th February 2022, which represents a 0.16% depreciation compared to N416/$1 recorded in the previous month.

The opening indicative rate closed at N415.67/$1 on Monday, representing a 32 kobo depreciation compared to the N415.35/$1 recorded on Friday, 25th February 2022.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.67/$1, while it sold for as low as N410/$1 during intra-day trading.