BREAKING: Naira To Dollar Exchange Rate Depreciates Massively At P2P Parallel markets

BREAKING: Naira To Dollar Exchange Rate Depreciates Massively At P2P Parallel markets—The Genius Media Nigeria reports that the exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N416.38/$1.

Naira started the week with a decline against the US dollar on Monday to close at N416.38/$1, representing a 0.09% depreciation compared to N416/$1 recorded in the previous trading session. Meanwhile, forex turnover at the official market decreased marginally by 3.9% to $136.9 million compared to $142.42 million that exchanged hands on Friday.

In the same vein, exchange rate fell by 1.04% at the P2P market on Tuesday morning, trading at a minimum of N585.5/$1 compared to N579.5/$1 recorded as of the close of trading activities on Monday.

Meanwhile, naira closed with a marginal decline of 0.18% to close at N571/$1 at the parallel market, after maintaining N570 to a dollar in the past three trading sessions.

Nigeria’s foreign reserve declined by $31.6 million to close at $40.31 billion as of 21st January 2022, representing a 0.08% decline compared to $40.35 billion recorded as of 20th January 2022.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.38/$1 on Monday, 24th January 2022, which represents a 0.09% depreciation compared to N416/$1 recorded in the previous trading session
▪ The opening indicative rate closed at N415.31/$1 on Monday, which represents 55 kobo depreciation compared to N414.76/$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 N416.38/$1, while it sold for as low as N410/$1 during intra-day trading.
▪ Forex turnover at the official window decreased marginally by 3.9% to $136.9 million on Monday, 24th January 2022.
▪ According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window dropped from $142.42 million recorded on Friday 21st January 2022 to $136.9 million on Monday 24th January 2022.