Naira dips at forex markets as supply hits $202.1million

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Gauging the forex market
Gauging the forex market

 

The naira and the US dollar exchanged at N416.5/$1 at the official Investors and Exporters (I&E) window.

The exchange rate at the I&E window depreciated marginally by 0.04% on Monday to close at N416.5/$1 compared to N416.33/$1 recorded in the previous trading session.

The exchange rate at the parallel market also followed in the same direction with a 0.68% fall to close at N588/$1 on Monday, in contrast to the N584/$1 recorded on Friday.
This is according to information obtained from BDCs operating in Nigeria.

In the same vein, Nigeria’s foreign reserve recorded a second consecutively daily gain to stand at $39.529 billion as opposed to the $39.528 recorded in the previous day.

Meanwhile, the Central Bank has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency.

On the other hand, naira traded at a minimum of N583/$1 at the Peer-to-peer market (P2P), which is the same as recorded in the previous trading session.

At the official NAFEX window, the exchange rate at the Investors and Exporters window closed at N416.5/$1 on Monday, 28th March 2022, representing a 0.04% depreciation compared to N415.33/$1 recorded on Friday, 25th March 2022.

The opening indicative rate closed at N416.26/$1 on Monday, representing a 2 kobo appreciation compared to the N416.28/$1 recorded on Friday, 25th March 2022.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.5/$1, while it sold for as low as N410/$1 during intra-day trading,

A sum of $202.06 million was traded in FX at the official Investors and Exporters window on Monday.

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Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

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