Naira Falls At I&E Window Despite $115.7 Million Forex Turnover


The exchange rate between the naira and the US dollar closed at N431/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira started the week on a bearish note, with a 0.67% depreciation to close at N431/$1 compared to N428.12/$1 recorded in the previous trading session. This is despite a 60.83% increase in the amount of forex traded in the market at $115.67 million.

In the same vein, at the peer-to-peer market, naira fell to N670.4/$1 on Tuesday morning from N662.4/$1 recorded as of the same time on Monday, representing a 1.21% decline compared to the previous day.

Naira Falls At I&E Window Despite $115.7 Million Forex Turnover

Nigeria’s external reserves rose for the second time in a row, after dropping consecutively for almost a month. The reserve level gained 0.03% to stand at $39.09 billion as of Thursday, 4th August 2022 from $39.07 billion recorded as of the previous day.

Trading at the official NAFEX window
The exchange rate at the official market depreciated on Monday, 8th August 2022 by 0.67% to close at N431 to a dollar as against the N428.12/$1 recorded on Friday, 5th August 2022.

The opening indicative rate closed at N429/$1 on Monday, 8th August 2022, the same as 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 N431/$1, while it traded as low as N415/$1 during intra-day trading.

A total of $115.67 million in FX value exchanged hands on Monday, which is 60.83% higher than the $71.92 million that was traded in the previous trading session.