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Naira falls across FX markets as dollar supply dips significantly -See Exchange Rate

The exchange rate between the Naira and the US dollar closed at N425.75/$1 at the Investors and Exporters (I&E) window, representing the lowest level recorded year-to-date.

Naira depreciated further against the US dollar on Monday, starting the week with a 0.18% depreciation to close at N425.75/$1 compared to N425/$1 recorded in the previous trading sessions. In the same vein, the total forex supply declined by 39.69% to $47.56 million, the lowest in two seeks.

The exchange rate at the parallel market depreciated marginally on Monday, closing at N613/$1 compared to N612/$1 recorded as of Friday, 1st July 2022.

Similarly, the exchange rate at the peer-to-peer market depreciated marginally by 0.09% on Tuesday morning to trade at a minimum of N616.49/$1 compared to N615.9/$1 recorded on Monday morning.

Nigeria’s external reserves increased by 0.05% on Friday, 1st July 2022 to stand at $39.17 billion from $39.16 billion recorded the previous day. This represents the 18th 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 fell further on Monday, depreciating by 0.18% to close at N425.75 to a dollar as against the N425/$1 recorded on Friday, 1st July 2022.

Naira closes week weaker as black market rate hits N615/$

The exchange rate between the naira and the US dollar closed the week weaker at the official Investor and Exporter window, closing at N425/$1 on Friday, 1st July 2022 compared to N420.13/$1 recorded in the previous week.

This is according to Nairalytics exchange tracker culled from the website of FMDQ. Naira depreciated by 1.2% week-on-week against the US dollar. Meanwhile, the total amount of FX traded in the market increased marginally by 6.27% to $627.94 million in the review week compared to $590.91 million that exchanged hands in the previous week.

On the other hand, naira closed the week at N612/$1 at the parallel market from N610/$ recorded at the close of the previous week, hitting a record N615/$1 during the week. Also, the exchange rate closed at N615/$1 at the peer-to-peer market from N612.59/$ recorded last week.

Trading at the official NAFEX window

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