Factual Pursuit of Truth for Progress
The naira exchanged with the US dollar at N415.1/$1 at the Investors and Exporters (I&E) window, where official forex trade takes place.
Naira dropped against the US dollar on 24th December as it closed at N415.1/$1, representing a 0.09% depreciation when compared to N414.73/$1 recorded in the previous trading session.
This is despite the 56.2% increase in the volume of traded forex in the market on Friday, Christmas Eve.
In the meantime, naira remained flat at the parallel market, after closing at N572/$1 on Friday, same as recorded on Thursday, 23rd December 2021.
On the other hand, exchange rate at the P2P market depreciated from N567/$1 recorded yesterday to trade at N568 in the early hours of Tuesday, 28th December 2021.
Nigeria’s foreign reserve reduced by 0.03% on Thursday, 23rd December to close at $40.59 billion compared to $40.6 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.
At the official NAFEX window, the exchange rate at the Investors and Exporters window closed at N415.1/$1 on Friday, which represents a 0.09% depreciation compared to N414.73/$1 recorded a day before.
The opening indicative rate closed at N413.54/$1 on Friday, which represents a 23 kobo appreciation compared to N413.77/$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 N415.1/$1, while it sold for as low as N405/$1 during intra-day trading.