The exchange rate between the naira and the US dollar closed at N424.62/$1 at the official Investors and Exporters (I&E) window.
Naira depreciated marginally against the US dollar at the official market on Thursday, with a 0.01% decline to close at N424.62/$1, despite a 44.56% increase in forex turnover. Specifically, a total of $87.95 million in FX value exchanged hands in the market on Thursday compared to $60.84 million that was traded in the previous trading session.
Also, the exchange rate at the peer-to-peer market depreciated by 0.29% on Friday morning to trade at a minimum of N622.25/$1 compared to N620.41/$1 recorded on Thursday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.
On the other hand, the exchange rate at the parallel market remained flat on Thursday, closing at N618/$, 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 0.17% on Wednesday, 13th July 2022 to stand at $39.42 billion from $39.35 billion recorded the previous day. This represents the 24th straight day of improvement for the nation’s foreign reserve.
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.
Trading at the official NAFEX window
The exchange rate at the official market depreciated slightly on Thursday, 14th July 2022, dropping by 0.01% to close at N424.62 to a dollar as against the N426.58/$1 recorded on Wednesday, 13th July 2022.
The opening indicative rate closed at N424.3/$1 on Thursday, 14th July 2022, from N424.4/$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 N424.62/$1, while it traded as low as N414/$1 during intra-day trading.
A total of $87.95 million in FX value exchanged hands on Thursday, which is 44.56% higher than the $60.84 million that was traded in the previous trading session.
