The Naira and the US dollar closed at N416.67/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
The country’s currency dipped on Monday as it depreciated by 0.16% against the US dollar to close at N416.67/$1 compared to N416/$1 recorded in the previous trading session.
Demand for dollar at the official window has witnessed consecutive declines in the past 3 trading sessions.
Similarly, the exchange rate started downwards at the Peer-to-Peer (P2P) forex market, trading at a minimum of N576 to a dollar on Tuesday morning. This represents a 0.16% depreciation compared to N575.1/$1 recorded on Monday, 12th February 2022.
The Naira, however remained flat at the parallel market, trading at N570/$1 on Monday, 14th February 2022. This is according to information obtained from BDC operators interviewed by Nairametrics.
Also, Nigeria’s external reserve dropped further on Friday, 11th February 2022 to close at $39.85 billion. Representing a 0.06% decline compared to $39.87 billion recorded as of the previous day. The reserve continues despite the upward trend in the price of crude oil, already trading above $95 per barrel and edging closer to hitting the $100 per barrel mark.
At the official NAFEX window, the exchange rate at the Investors and Exporters window closed at N416.67/$1 on Monday, 14th February 2022, which represents a 0.16% depreciation compared to N416/$1 recorded in the previous trading session.
The opening indicative rate closed to N415.76/$1 on Monday, which represents a 45 kobo depreciation compared to N415.31/$1 recorded in the previous trading session.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.67/$1, while it sold for as low as N410/$1 during intra-day trading.
