The naira and the US dollar exchanged at N416.75/$1 at the official Investors and Exporters (I&E) window, dropping lower when compared to N416.67/$1 recorded in the previous trading session.
The exchange rate dipped further by 0.02% to close at N416.75/$1 on Friday compared to N416.67/$1 recorded in the previous session. This represents the lowest level recorded at the official FX market since 4th January.
Similarly, forex turnover fell to its lowest level in over 3 months, since the 16th of November 2021 to $64.03 million, representing a 49.59% decline compared to $127.02 million recorded in the previous trading session.
On the other hand, Naira closed flat at N575/$1 on Friday at the parallel market, having fallen from N570/$1 in the previous trading session.
The exchange rate at the Peer-to-Peer (P2P) forex market depreciated by 0.43% to trade at a minimum of N581 to a dollar on Monday morning compared to N578.49/$1 recorded on Friday.
At the official NAFEX window, the exchange rate at the Investors and Exporters window closed at N416.75/$1 on Friday,18th February 2022, representing a 0.02% depreciation compared to N416.67/$1 recorded in the previous trading session.
