Naira dips at the official Investors and Exporters (I&E) window closing N416.38/$1.



The exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N416.38/$1.

At the beginning of the week, the Naira declined against the US dollar on Monday to close at N416.38/$1, representing a 0.09% depreciation compared to N416/$1 recorded in the previous trading session.

Meanwhile, forex turnover at the official market decreased marginally by 3.9% to $136.9 million compared to $142.42 million that exchanged hands on Friday.

Similarly, exchange rate dipped by 1.04% at the P2P market on Tuesday morning, trading at a minimum of N585.5/$1 compared to N579.5/$1 recorded as of the close of trading activities on Monday.

The naira closed with a marginal decline of 0.18% to close at N571/$1 at the parallel market, after maintaining N570 to a dollar in the past three trading sessions.

Nigeria’s foreign reserve declined by $31.6 million to close at $40.31 billion as of 21st January 2022, representing a 0.08% decline compared to $40.35 billion recorded as of 20th January 2022.


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