Forex Supply Falls Further To $54 Million As Exchange Rate Remains Stable

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The exchange rate between the naira and the US dollar closed at N430.67/$1 at the Investors and Exporters window, where forex is traded officially.

Naira remained stable at the I&E window on Monday, closing at the same rate recorded in the previous trading session, despite the further decline in the amount of forex traded at the official market. Specifically, forex turnover decreased by 34.3% to $54.13 million from $82.38 million recorded on Friday, 26th August 2022.

Meanwhile, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N699.29/$1 on Friday morning, a 0.09% appreciation when compared to N699.92/$1 recorded as of the same time on Monday.

Forex Supply Falls Further To $54 Million As Exchange Rate Remains Stable

Trading at the official NAFEX window

The exchange rate at the official market closed at N430.33/$1 to a dollar on Monday, 29th August 2022, the same as recorded in the previous trading session.

The opening indicative rate closed at N429.07/$1 on Monday, 29th August 2022, from N428.5/$1 recorded on Friday of the previous week.

Furthermore, an exchange rate of N432/$1 was the highest rate recorded during intra-day trading before it settled at N430.33/$1, while it traded as low as N417/$1 during intra-day trading.

A total of $54.13 million in FX value was traded on Monday, which is 34.29% lower than the $82.38 million that exchanged hands on Friday, 26th August 2022.