Naira falls to record low against Dollar at P2P market

The exchange rate at the peer-to-peer market depreciated by 0.67% on Wednesday morning, falling to its lowest level on record at N609.95/$ compared to N605.91/$ recorded on Tuesday, 14th June 2022.

At the parallel market, the Naira appreciated by 0.16% to close at N607/$1 in contrast to N608/$1 recorded in the previous trading session. This is according to information from BDC operators.

Naira gained against the USD on Tuesday, following the public holiday on Monday in celebration of Nigeria’s democracy day. The exchange rate appreciated by 0.12% to close at N420.75/$1 compared to N421.25/$1 recorded as of the close of trading activities on Friday last week.

The opening indicative rate closed at N419.65/$1 on Tuesday, 14th June 2022, representing a 31 kobo depreciation compared to N419.34/$1 recorded on Friday.

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Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.75/$1, while it sold for as low as N410/$1 during intra-day trading.

A total of $115.08 million in FX value was traded in the official I&E window on Tuesday, representing a 9.49% increase compared to $105.11 million traded in the previous trading session.

Meanwhile, Nigeria’s external reserves appreciated by 0.08% on Friday, 10th June 2022 to stand at $38.55 billion from $38.52 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.