Naira stable at P2P market, trades at N581/$1

 

The naira and the US dollar on Monday, closed at N416.5/$1 at the official Investors and Exporters (I&E) window.

The exchange rate at the I&E window began the week on the same level as it closed on Friday, the previous week, closing flat at N416.5 to a dollar on Monday.

In the same vein, Naira maintained the same rate at the Peer-to-Peer (P2P) market on Tuesday morning to trade at a minimum of N581/$1, the same as recorded in the previous trading session.

At the parallel market however, the exchange rate recorded a marginal decline of 0.17% to close at N578/$1 on Monday, from N577/$1 recorded in the previous trading session.

At the official NAFEX window, the exchange rate at the Investors and Exporters window closed at N416.5/$1 on Monday, 14th March 2022, the same rate recorded as of the end of the previous week.

The opening indicative rate closed at N416.19/$1 on Monday, representing an 2 kobo appreciation compared to the N416.21/$1 recorded on Friday, 11th March 2022.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.5/$1, while it sold for as low as N410/$1 during intra-day trading.

It is worth noting that information on the daily forex turnover at the Investors and Exporters window has not been available on the official exchange rate source (FMDQ).