Naira falls massively at the black market see new exchange rate emerges

Naira has fallen massively at the black market as new exchange rate.

IDOMA VOICE reports that dollar to naira exchange rate between the naira and the US dollar closed at N416.67/$1 at the official Investors and Exporters (I&E) window, representing the first positive movement in the official market in the past four trading sessions.

The exchange rate at the I&E window appreciated marginally by 0.02% to close at N416.67/$1 on Monday, 21st February 2022 compared to N416.75/$1 recorded in the previous trading session.

Meanwhile, IDOMA VOICE reports that a total of $141.31 million in FX value exchanged hands on Monday, representing more than double the $64.03 million traded in the previous session.

On the other hand, Naira depreciated marginally by 0.17% to close at $576/$1 on Monday, 21st February 2022 compared to N575/$1 recorded on Friday, 18th February 2022. This dollar to naira exchange rate which is a massive fall from the N565/$1 it traded for weeks, according to information obtained from BDC operators.

Also dollar to naira exchange rate at the Peer-to-Peer (P2P) forex market depreciated by 0.18% to trade at a minimum of N582.05 to a dollar on Tuesday morning compared to N581/$1 recorded on Monday, 21st February 2022.

Trading at the official NAFEX window

The dollar to naira exchange rate at the Investors and Exporters window closed at N416.67/$1 on Monday, 21st February 2022, representing a 0.02% gain compared to N416.75/$1 recorded in the previous trading session.

• • It is worth noting that this is the first upward movement for the local currency in the past four trading sessions at the official FX market.