BREAKING: Naira falls massively at the official market (See new exchange rate)

Naira has fallen massively at the official market despite improved forex liquidity, see the new exchange rate below.

IDOMA VOICE reports that the exchange rate between the naira and the US dollar closed at N420.5/$1 at the Investors and Exporters (I&E) window.

Naira grew weaker against the US dollar on Thursday despite an improvement in FS supply at the official market. The exchange rate declined by 0.12% to close at N420.5/$1 compared to N420/$1, which is closed on Wednesday. This is according to information culled from the website the FMDQ Exchange

The amount of FX that was traded in the I&E window increased by 9.41% to $136.35 million from $124.62 million that exchanged hands in the previous trading session.

The exchange rate at the parallel market remained stable on Thursday, having closed at N607/$1, the same as recorded during the previous trading session. This is according to information from BDC operators.

Meanwhile, the exchange rate at the peer-to-peer market appreciated by 0.45% on Friday morning, trading at N607/$1 compared to N609.74/$ recorded as of the same time on Thursday, 16th June 2022.

Nigeria’s external reserves appreciated marginal by 0.04% on Wednesday, 15th June 2022 to stand at $38.63 billion from $38.62 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.

Trading at the official NAFEX window

  • The exchange rate fell by 0.12% on Thursday, to close at N420.5/$1 from N420/$1 recorded on Wednesday, 15th June 2022.
  • The opening indicative rate closed at N419.82/$1 on Friday, 16th June 2022, representing a 20 kobo depreciation compared to N419.65/$1 recorded on Tuesday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.5 $1, while it sold for as low as N413/$1 during intra-day trading.
  • A total of $136.35 million in FX value was traded in the official I&E window on Thursday, representing a 9.41% increase compared to $124.62 million traded in the previous trading session.
Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.

Recent Posts

BREAKING: APC Crisis: Court of Appeal dismisses Moses Agaba’s appeal against Austin Agada

The Court of Appeal in Makurdi, Benue State, on Thursday dismissed an appeal filed by…

7 mins ago

BBNaija’s Phyna publicly rejects family, drops surname

Big Brother Naija Season 7 winner, Josephine Ijeoma Otabor, also known as Phyna, has publicly…

24 mins ago

Yemi Alade slams Cool FM, Clout Africa over blacklisting, refusal to forgive

Nigerian singer Yemi Alade has criticized prominent media outlets Cool FM and Clout Africa, accusing…

49 mins ago

BREAKING: Relief as Lakurawa terrorists flee Nigeria after military intervention

Senator Adamu Aliero, representing Kebbi Central, has announced that the Nigerian military successfully expelled the…

1 hour ago

BREAKING: Supreme Court nullifies National Lottery Act, grants states exclusive control

The Supreme Court has struck down the National Lottery Act of 2005, ruling that the…

1 hour ago

Latest update on fuel price hike, fuel scarcity for November 22nd, 2024

As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National…

6 hours ago