Naira Appreciates At I&E Window As Foreign Reserves Records First Gain In Two Weeks

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The exchange rate between the naira and the US dollar closed at N428.12/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira closed higher on Thursday, with a 0.25% appreciation against the US dollar to close at N428.12/$1 compared to N429.2/$1 recorded in the previous trading session. A total of $110.22 million was traded on Thursday, representing a 100.955% decrease when compared to the $123.78 million traded on Wednesday.

On the other hand, at the peer-to-peer market, naira fell to N651/$1 on Friday morning from N616.66/$1 recorded as of the same time on Thursday, representing a 5.6% decline compared to the previous day.

Nigeria’s external reserves rose for the first time in over two weeks, gaining marginally by 0.01% to stand at $39.07 billion from $39.07 billion recorded in the previous day. The reserve level had depreciated for eleven consecutive days, largely due to the constant intervention by the apex bank in the I&E window.

Naira Appreciates At I&E Window As Foreign Reserves Records First Gain In Two Weeks

Trading at the official NAFEX window
The exchange rate at the official market appreciated on Thursday, 4th August 2022 by 0.25% to close at N428.12 to a dollar as against the N430.67/$1 recorded on Wednesday, 3rd August 2022.

The opening indicative rate closed at N428.33/$1 on Thursday, 4th August 2022 from N427.9/$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 N428.12/$1, while it traded as low as N415/$1 during intra-day trading.

A total of $110.22 million in FX value exchanged hands on Thursday, which is 10.95% lower than the $123.78 million that was traded in the previous trading session.