On Monday, the exchange rate between the naira and the US dollar closed at N416.5/$1 at the official Investors and Exporters (I&E) window.
The country’s currency dipped further against the US dollar on Monday with a 0.04% fall to close at N416.5/$1 compared to N416.33/$1 recorded as of the close of trading activities on Friday.
Similarly, the exchange rate depreciated marginally at the Peer-to-Peer (P2P) forex market, trading at a minimum of N574.5 to a dollar on Tuesday morning compared to N574.27/$1 recorded in the previous trading session.
Also, Naira closed lower at the parallel market on Monday to close at N570/$1 compared to N568/$1 recorded in the previous trading session.
Nigeria’s foreign reserve reduced marginally by $2.22 million on Friday to close at $39.98 billion representing a 0.006% decline compared to $39.982 billion recorded as of the previous day.
At the official NAFEX window,the exchange rate at the Investors and Exporters window closed at N416.5/$1 on Monday, 4th February 2022, which represents a 0.04% depreciation compared to N416.33/$1 recorded in the previous trading session
The opening indicative rate closed at N415.42/$1 on Monday, which represents a 9 kobo improvement compared to N415.51/$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 N416.5/$1, while it sold for as low as N404/$1 during intra-day trading, the lowest so far in the year.
Forex turnover at the official window recorded massive boost on Monday as it increased by 84.54% to $125.1 million.
