Categories: Top Headline

Naira falls massively at official market first day of September 2022(See new exchange rate)

Naira has fallen massively at the official market first day of September 2022, See New Exchange Rate below.

IDOMA VOICE reports that the exchange rate between the naira and the US dollar closed at N429.44/$1 at the Investors and Exporters window, where forex is traded officially. Naira had traded at a record high of N453.2/$1 during intra-day trading before moderating to N429.44/$1 on Wednesday.

This online newspaper understands that the naira closed on a positive note on Wednesday, 31st August 2022, gaining 0.36% to close at N429.44/$1 compared to N431/$1 recorded in the previous trading session. A total of $109.47 million in FX value exchanged hands on Wednesday.

Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange appreciated to N693.2/$1 on Thursday morning from N699.04/$1 recorded as of the same time on Wednesday. This represents a 0.84% gain against the US dollar at the P2P market.

In the same vein, Nigeria’s foreign reserve continued its gains on Tuesday, as the reserve gained 0.03% to stand at $39.02 billion, surpassing the $39 billion threshold once again. The nation’s foreign reserve had been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.

Trading at the official NAFEX window

The exchange rate at the official market closed at N429.44/$1 to a dollar on Wednesday, 31st August 2022, from N431/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N429.17/$1 on Wednesday, 31st August 2022.
  • Furthermore, an exchange rate of N453/$1 was the highest rate recorded during intra-day trading before it settled at N429.44/$1, while it traded as low as N418/$1 during intra-day trading.
    • A total of $109.47 million in FX value was traded in the Investors and Exporters window on Wednesday..
  • Forex supply falls further to $54 million as exchange rate remains stable

    Monday, 29th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1 at the Investors and Exporters window, where forex is traded officially.

    Naira remained stable at the I&E window on Monday, closing at the same rate recorded in the previous trading session, despite the further decline in the amount of forex traded at the official market. Specifically, forex turnover decreased by 34.3% to $54.13 million from $82.38 million recorded on Friday, 26th August 2022.

    Meanwhile, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N699.29/$1 on Friday morning, a 0.09% appreciation when compared to N699.92/$1 recorded as of the same time on Monday.

    Trading at the official NAFEX window

    The exchange rate at the official market closed at N430.33/$1 to a dollar on Monday, 29th August 2022, the same as recorded in the previous trading session.

    • The opening indicative rate closed at N429.07/$1 on Monday, 29th August 2022, from N428.5/$1 recorded on Friday of the previous week.
    • Furthermore, an exchange rate of N432/$1 was the highest rate recorded during intra-day trading before it settled at N430.33/$1, while it traded as low as N417/$1 during intra-day trading.
    • A total of $54.13 million in FX value was traded on Monday, which is 34.29% lower than the $82.38 million that exchanged hands on Friday, 26th August 2022.
Ameh Jazzia-Becky

Recent Posts

Man beaten for disputing herdsmen attack in Benue community

A man identified as AliaDoo Zape Upaa was reportedly beaten by enraged residents of Ukpiam,…

10 hours ago

Police stop pro-Peter Obi birthday rally in Kaduna over security threats

The Kaduna State Police Command has banned a proposed political rally by supporters of former…

20 hours ago

Police arrest notorious gunrunners in Benue, recover rocket launcher, AK-47s

Operatives of the Force Intelligence Department–Intelligence Response Team (FID–IRT) have arrested two notorious arms traffickers…

24 hours ago

BREAKING: Creation of Apa State, others impossible under Tinubu – Ex-Senator, Sani

Former Kaduna Central Senator, Shehu Sani, has cautioned Nigerians pushing for the creation of additional…

2 days ago

“We’re not Idoma” – Igede community pushes to return to ancestral roots in Ogoja

The Igede ethnic group in Benue State has reignited calls for relocation to what they…

2 days ago

Ex-Defence spokesman, Maj Gen John Enenche bags PhD, continues national service beyond the uniform

Former Director of Defence Information and retired military strategist, Major General John Enenche, has added…

3 days ago