JUST IN: #Naira Bounces Back As Forex Liquidity Surges By 139%

JUST IN: #Naira Bounces Back As Forex Liquidity Surges By 139%—The Genius Media Nigeria reports that the exchange rate between the naira and the US dollar closed at N414.8/$1 at the official Investors and Exporters (I&E) window.

This reliable platform gathered that Naira started the week with a 0.07% gain against the US dollar on Monday to close at N414.8/$1 compared to N415.07/$1 recorded in the previous trading sessions. Forex turnover at the official market jumped by 138.5% to $360.18 million from $151.03 million recorded in the previous trading session.

On the other hand, naira closed flat against the US dollar on Monday at N573/$1, the same as recorded in the previous week. This is according to information obtained from BDC operators interviewed TGM.

Nigeria’s foreign reserve reduced by 0.05% on Friday, 17th December to close at $40.67 billion compared to $40.69 billion recorded as of the previous day. The continuous decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window appreciated by 0.07% to close at N414.8/$1 on Monday, compared to N415.07/$1 recorded on Friday, 17th December 2021.

The opening indicative rate closed at N413.84/$1 on Monday, which represents a 1 kobo depreciation compared to N413.83/$1 recorded in the previous trading session.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N414.8/$1, while it sold for as low as N405/$1 during intra-day trading.

Forex turnover at the official window increased by 138.5% to $360.18 million on Monday.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $151.03 million recorded on Friday 17th December 2021 to $360.18 million on Monday 20th December 2021.