The exchange rate between the naira and the US dollar closed at N430.33/$1 at the official Investors and Exporters (I&E) window.
Naira depreciated massively against the US dollar at the official market on Friday, with a 1.34% decline to close at N430.33/$1, compared to N424.62/$ recorded as of the close of trading activities in the previous trading session. This is the lowest level on record, with the exception of 31st December 2021.
The depreciation of the local currency is following the sustained low forex turnover in the market. A total of $63.19 million in FX was traded on Friday, 15th July 2022, representing a decrease of 28.15% compared to $87.95 million that exchanged hands on Thursday.
Also, the exchange rate at the peer-to-peer market depreciated by 0.14% on Saturday morning to trade at a minimum of N623.1/$1 compared to N622.25/$1 recorded on Friday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.
On the other hand, the exchange rate at the parallel market remained flat on Friday, closing at N618/$, the same as recorded in the previous trading session. This is according to information from Bureau De Change operators.
Nigeria’s external reserves increased by 0.02% on Thursday, 14th July 2022 to stand at $39.43 billion from $39.42 billion recorded as of the previous day. This represents the 25th straight day of improvement for the nation’s foreign reserve.
Naira Falls Big At Official Window As Liquidity Remains Low
The external reserve 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. However, elevated crude oil prices have seen the reserve level improve.
The exchange rate at the official market depreciated on Friday, 15th July 2022, dropping by 1.34% to close at N430.33 to a dollar as against the N424.62/$1 recorded on Thursday, 14th July 2022.
The opening indicative rate closed at N426.63/$1 on Friday, 15th July 2022, from N424.3/$1 recorded in the previous trading session.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N430.33/$1, while it traded as low as N414/$1 during intra-day trading.
A total of $63.19 million in FX value exchanged hands on Friday, which is 28.15% lower than the $87.95 million that was traded in the previous trading session.