Naira falls to N611/$1 at the black market

The Naira exchange rate at the parallel market depreciated by 0.66% to trade at N611/$1 on Thursday from N607/$1 recorded as of the previous trading session. This is according to information from BDC operators.

Meanwhile, the exchange rate at the peer-to-peer market recorded a slight uptick on Thursday morning, trading at N612.85/$1 compared to N613/$ recorded as of the same time on Wednesday, 22nd June 2022.

The exchange rate between the naira and the US dollar closed at N420.5/$1 at the Investors and Exporters (I&E) window.

Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.5/$1, while it traded for as low as N412/$1 during intra-day trading.

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A total of $71.99 million in FX value was traded in the official I&E window on Wednesday, which is 33.38% lower than the $108.06 million that exchanged hands in the previous trading session.

Nigeria’s external reserves appreciated marginally by 0.04% on Wednesday, 15th June 2022 to stand at $38.63 billion from $38.62 billion recorded the previous day. The nation’s external currency had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.