Naira falls big to the lowest level year-to-date at Official Market ( See new exchange rate)

Naira has fallen big to the lowest level year-to-date at Official Market, See New Exchange Rate below.

IDOMA VOICE reports that the exchange rate between the naira and the US dollar closed at N422.5/$1 at the Investors and Exporters (I&E) window.

This online newspaper understands that the naira recorded a massive depreciation on Thursday, falling by 0.54% to close at N422.5/$1 compared to N420.25/$1 recorded in the previous trading session. This is the lowest level of the exchange rate since 4th January 2022. However, FX supply in the market increased by 86.09% to $153.71 million.

Meanwhile, the exchange rate remained stable at the parallel market, closing at N606 to a dollar on Thursday, the same as recorded in the past three trading sessions. This is according to information from BDC operators in Nigeria.

The exchange rate at the P2P market depreciated by 0.14% on Friday morning, trading at a minimum of N605.35/$1, compared to N604.5/$1 recorded in the previous trading session.

Meanwhile, Nigeria’s external reserves appreciated by 0.01% on Wednesday, 8th June 2022 to stand at $38.49 billion from $38.46 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 depreciated by 0.54% on Thursday to close at N422.5/$1 from N420.25/$1 recorded on Wednesday despite the increase in the supply of forex in the market.

• The opening indicative rate closed at N420.26/$1 on Thursday, 9th June 2022, representing an 11 kobo depreciation compared to N420.15/$1 recorded on Wednesday.
• Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N422.5/$1, while it sold for as low as N413/$1 during intra-day trading.
• A total of $153.71 million in FX value was traded in the official I&E window on Thursday, representing an 86.09% increase compared to $82.6 million traded in the previous trading session.