Exchange rate between naira and dollar falls to N706/$ at the P2P market on 7th September 2022

 The naira fell to a record low of N436/$1 at the official Investors and Exporters window, representing a 0.29% depreciation compared to N434.75/$1 recorded in the previous trading session.

A total of $63.05 million in FX value was traded at the official market, a 36.8% decline compared to $99.68 million that exchanged hands in the previous trading session.

Also, the exchange rate at the cryptocurrency peer-to-peer FX market dipped by 0.22% to stand at N706.54/$1 on Wednesday morning, as against N704.99/$1 that it traded as of the same time the previous day.

Naira on the other hand appreciated slightly by 0.14% on Wednesday to trade at N704/$1 at the black market compared to N705/$1 recorded on Tuesday, 6th September 2022. This is according to information obtained from black market operators.

Nigeria’s foreign reserve stood at $38.94 billion, recording a slight decline of 0.16% as of Monday, 5th September 2022, from $38.99 billion recorded as of the previous day.. The nation’s foreign reserve has been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.

Trading at the official NAFEX window

The exchange rate at the official market closed at N436/$1 on Tuesday, 6th September 2022, from N434.75/$1 recorded in the previous trading session.

• The opening indicative rate closed at N433/$1 on Tuesday, 6th September 2022, compared to N431.3/$1 recorded in the previous day.
• Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436/$1, while it traded as low as N425/$1 during intra-day trading.
• A total of $63.05 million in FX value was traded in the Investors and Exporters window on Tuesday which is 36.75% lower than $99.68 million that exchanged hands the previous day.

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Exchange rate between naira and dollar falls to N705/$ at black market on 5th September 2022

5th September 2022: The exchange rate between the naira and US dollar fell to record low of N434.75/$1 at the official Investors and Exporters window, representing a 0.75% depreciation compared to N431.5/$1 recorded in the previous trading session.

The depreciation of the local currency against the USD is despite the 6.56% in the amount of forex traded in the market. Notably, forex turnover increased from $93.54 million traded on Friday, 2nd September 2022 to $99.68 million on Monday.

Also, the exchange rate at the cryptocurrency peer-to-peer FX market fell by 0.569% to stand at N704.99/$1 on Tuesday morning, compared to N701/$1 that it traded as of the same time the previous day.

In the same vein, Naira closed at N705/$1 on Monday, 5th September 2022 at the black market from N702/$1 recorded in the previous trading session. This is according to information obtained from black market operators.

Similarly, Nigeria’s foreign reserve recorded a slight decline of 0.07% to stand at $38.99 billion as of Friday, 2nd September 2022, from $39.02 billion recorded as of the previous day.. The nation’s foreign reserve has been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.

Trading at the official NAFEX window

The exchange rate at the official market closed at N434.75/$1 to a dollar on Monday, 5th September 2022, from N431.5/$1 recorded in the previous trading session.

• The opening indicative rate closed at N431.3/$1 on Monday, 5th September 2022, compared to N429.1/$1 recorded in the previous day.
• Furthermore, an exchange rate of N437.5/$1 was the highest rate recorded during intra-day trading before it settled at N434.75/$1, while it traded as low as N425/$1 during intra-day trading.
• A total of $99.68 million in FX value was traded in the Investors and Exporters window on Friday which is 6.56% higher than $93.54 million that exchanged hands the previous day.

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Naira falls to N705/$1 at black market as FX liquidity remains low

The exchange between the naira and the US dollar fell to N705/$1 for those buying FX at the black market. This represents a 0.43% depreciation when compared to N702/$1 recorded on Friday, 2nd September 2022.

This is according to information from black market forex traders around Lagos State. Meanwhile, the exchange rate at the official market also fell to a record low of N431.5/$1 in the last trading session, hitting an intra-day high of N444/$1.

A total of $93.54 million exchanged hands on Friday, representing a 25.25% increase compared to $74.68 million traded on Thursday, 1st September 2022. The volume of forex traded during the week averaged $82.9 million per day, in contrast to $126.8 million recorded in the previous week.

Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange likewise depreciated slightly to N701.8/$1 during mid-day trading on Monday from N697.5/$1 recorded as of the same time on Friday. This represents a 0.62% fall against the US dollar in the P2P market.

Also, Nigeria’s foreign reserve recorded a slight decline of 0.002% to stand at $39.02 billion. The nation’s foreign reserve has been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.

Trading at the official NAFEX window

The exchange rate at the official market closed at N431.5/$1 to a dollar on Friday, 2nd September 2022, from N430/$1 recorded in the previous trading session.

• The opening indicative rate closed at N429.1/$1 on Friday, 2nd September 2022, compared to N429/$1 recorded in the previous day.
• Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N431.5/$1, while it traded as low as N418/$1 during intra-day trading.
• A total of $93.54 million in FX value was traded in the Investors and Exporters window on Friday which is 25.25% higher than $74.68 million that exchanged hands the previous day.

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Naira depreciates marginally at official market as external reserve stands at $39 billion 

Thursday, 1st September 2022: The exchange rate between the naira and the US dollar closed at N430/$1 at the Investors and Exporters window, where forex is traded officially. 

Naira closed at N430/$1 on Thursday, 1st September 2022, representing a marginal depreciation of 0.13% compared to N429.44/$1 recorded in the previous trading session. The value of FX supply that exchanged hands on Thursday totalled $74.68 million which is 31.78% lower than $109.47 million traded on Wednesday, 31st August, 2022. 

The exchange rate at the cryptocurrency peer-to-peer FX exchange likewise depreciated to N697.5/$1 on Friday morning from N693.2/$1 recorded as of the same time on Thursday. This represents a 0.62% fall against the US dollar in the P2P market. 

Also, the exchange rate at the parallel market depreciated by 0.43% to close at N700/$1 on Thursday from N697/$1 traded on Wednesday. This is according to information gathered by Nairametrics from black market FX traders. 

In the same vein, Nigeria’s foreign reserve continued its gains on Wednesday, as the reserve gained 0.02% to stand at $39.02 billion. The nation’s foreign reserve had been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency. 

Trading at the official NAFEX window 

The exchange rate at the official market closed at N430/$1 to a dollar on Thursday, 1st September 2022, from N429.44/$1 recorded in the previous trading session. 

• The opening indicative rate closed at N429/$1 on Thursday, 1st September 2022, compared to N429.17/$1 recorded in the previous day. 
• Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N430/$1, while it traded as low as N417/$1 during intra-day trading. 
• A total of $74.68 million in FX value was traded in the Investors and Exporters window on Thursday, a 31.78% dip from $109.47 million that exchanged hands in the previous day. 

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Naira falls to N453/$1 during intra-day trading at official market

Wednesday, 31st August 2022: The exchange rate between the naira and the US dollar closed at N429.44/$1 at the Investors and Exporters window, where forex is traded officially. Naira had traded at a record high of N453.2/$1 during intra-day trading before moderating to N429.44/$1 on Wednesday.

Naira closed on a positive note on Wednesday, 31st August 2022, gaining 0.36% to close at N429.44/$1 compared to N431/$1 recorded in the previous trading session. A total of $109.47 million in FX value exchanged hands on Wednesday.

Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange appreciated to N693.2/$1 on Thursday morning from N699.04/$1 recorded as of the same time on Wednesday. This represents a 0.84% gain against the US dollar at the P2P market.

In the same vein, Nigeria’s foreign reserve continued its gains on Tuesday, as the reserve gained 0.03% to stand at $39.02 billion, surpassing the $39 billion threshold once again. The nation’s foreign reserve had been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.

Trading at the official NAFEX window

The exchange rate at the official market closed at N429.44/$1 to a dollar on Wednesday, 31st August 2022, from N431/$1 recorded in the previous trading session.

• The opening indicative rate closed at N429.17/$1 on Wednesday, 31st August 2022.
• Furthermore, an exchange rate of N453/$1 was the highest rate recorded during intra-day trading before it settled at N429.44/$1, while it traded as low as N418/$1 during intra-day trading.
• A total of $109.47 million in FX value was traded in the Investors and Exporters window on Wednesday..

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Forex supply falls further to $54 million as exchange rate remains stable

Monday, 29th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1 at the Investors and Exporters window, where forex is traded officially.

Naira remained stable at the I&E window on Monday, closing at the same rate recorded in the previous trading session, despite the further decline in the amount of forex traded at the official market. Specifically, forex turnover decreased by 34.3% to $54.13 million from $82.38 million recorded on Friday, 26th August 2022.

Meanwhile, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N699.29/$1 on Friday morning, a 0.09% appreciation when compared to N699.92/$1 recorded as of the same time on Monday.

Trading at the official NAFEX window

The exchange rate at the official market closed at N430.33/$1 to a dollar on Monday, 29th August 2022, the same as recorded in the previous trading session.

• The opening indicative rate closed at N429.07/$1 on Monday, 29th August 2022, from N428.5/$1 recorded on Friday of the previous week.
• Furthermore, an exchange rate of N432/$1 was the highest rate recorded during intra-day trading before it settled at N430.33/$1, while it traded as low as N417/$1 during intra-day trading.
• A total of $54.13 million in FX value was traded on Monday, which is 34.29% lower than the $82.38 million that exchanged hands on Friday, 26th August 2022.

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Forex supply falls to $82.9 million as exchange rate depreciates to N698/$1 at black market

Thursday, 25th August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1 at the Investors and Exporters window, where forex is traded officially.

Naira appreciated slightly against the US dollar on Thursday, by 0.08% to close at N430.67/$1 compared to N431/$1 recorded in the previous trading session. The supply of forex that exchange hands dipped significantly by 36.88% to stand at $82.88 million as against $131.30 million traded on Wednesday.

On the flip side, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N697/$1 on Friday morning, a 0.14% depreciation when compared to N696/$1 recorded as of the same time on Thursday.

Similarly, naira closed trading at N698/$1 at the black market on Thursday, indicating a 0.29% depreciation against the US dollar, representing the lowest level since August 1, 2022. This is according to information from black market operators.

Meanwhile, Nigeria’s external reserves declined slightly by 0.003% on Wednesday, 24th August 2022, to stand at $38.94 billion from $38.941 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility.

Trading at the official NAFEX window

The exchange rate at the official market closed at N430.67/$1 to a dollar on Thursday, 25th August 2022 recording an improvement of 0.08% compared to N431/$1 recorded on Wednesday, 24th August 2022.

• The opening indicative rate closed at N429.75/$1 on Thursday, 25th August 2022, from N428.67/$1 recorded on Wednesday.
• Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N430.67/$1, while it traded as low as N417/$1 during intra-day trading.
• A total of $82.88 million in FX value was traded on Thursday, which is 36.9% lower than the $131.3 million that exchanged hands on Wednesday, 24th August 2022.

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Naira depreciates to N696/$1 at P2P forex market

Wednesday, 24th August 2022: The exchange rate between the naira and the US dollar closed at N431/$1 at the Investors and Exporters window, where forex is traded officially.

Naira depreciated further against the US dollar on Wednesday, representing the third consecutive day of decline as the exchange rate dipped by 0.08% to close at N431/$1 compared to N430.67/$1 recorded in the previous trading session.

Similarly, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N696/$1 on Thursday morning, a 0.45% depreciation when compared to N696/$1 recorded as of the same time on Wednesday.

Meanwhile, Nigeria’s external reserves improved slightly by 0.003% on Tuesday, 23rd August 2022, to stand at $38.941 billion from $38.94 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility. However, improved non-oil export earnings is beginning to elevate the reserves, albeit very low.

Trading at the official NAFEX window

The exchange rate at the official market closed at N431/$1 to a dollar on Wednesday, 24th August 2022 recording a dip of 0.08% compared to N430.67/$1 recorded on Tuesday, 23rd August 2022.

• The opening indicative rate closed at N428.67/$1 on Wednesday, 24th August 2022, from N429.07/$1 recorded on Tuesday.
• Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N431/$1, while it traded as low as N417/$1 during intra-day trading.
• A total of $131.3 million in FX value was traded on Wednesday, which is 25.3% lower than the $175.67 million that exchanged hands on Tuesday, 23rd August 2022.

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Naira falls across forex markets as foreign reserve gains

Tuesday, 23rd August 2022: The exchange rate between the naira and the US dollar closed at N430.67/$1 at the official foreign exchange market.

Naira depreciated against the US dollar on Tuesday, representing the second consecutive bearish movement after the exchange rate dipped by 0.29% to close at N430.67/$1 compared to N429.43/$1 recorded in the previous trading session at the Investors and Exporters window.

In the same vein, the exchange rate at the cryptocurrency peer-to-peer FX exchange traded at N692.9/$1 on Wednesday morning, a 0.28% depreciation when compared to N691/$1 recorded as of the same time on Tuesday.

Also, naira dipped against the US dollar at the parallel market on Tuesday, depreciating by 0.15% to close at N688/$1 from N687/$1 recorded on Monday, 22nd August 2022. This is according to information from black market FX traders.

Nigeria’s external reserves improved slightly by 0.07% on Monday, 22nd August 2022, to stand at $38.94 billion from $38.91 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility. However, improved non-oil export earnings is beginning to elevate the reserves, albeit very low.

Trading at the official NAFEX window

The exchange rate at the official market closed at N430.64/$1 to a dollar on Tuesday, 23rd August 2022 recording a dip of 0.29% compared to N429.43/$1 recorded on Monday, 22nd August 2022.

• The opening indicative rate closed at N429.07/$1 on Tuesday, 23rd August 2022, the same as recorded in the previous trading session.
• Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N430.67/$1, while it traded as low as N417/$1 during intra-day trading.
• A total of $175.67 million in FX value was traded on Tuesday, which is 8.48% higher than the $161.94 million that exchanged hands on Monday, 22nd August 2022.

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Naira depreciates at P2P market to N691/$1 despite 222% surge in forex supply

Monday, 22nd August 2022: The exchange rate between the naira and the US dollar closed at N429.43/$1 at the official foreign exchange market.

The exchange rate dipped slightly to close at N429.43/$1 compared to N429.05/$1 recorded on Friday 19th August, 2022, representing a 0.09% depreciation. Meanwhile, forex supply surged by 222.3% to $161.94 million from 50.22 million that exchanged hands in the previous trading session.

Similarly, Naira traded at N691/$1 on Tuesday morning, 23rd August 2022 at the peer-to-peer FX market, indicating a depreciation of 0.16% compared to N689.9/$1 recorded in the previous trading session.

Nigeria’s external reserves improved slightly by 0.012% on Monday, 22nd August 2022, to stand at $38.912 billion from $38.907 billion recorded in the previous trading trade. The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility. However, improved non-oil export earnings is beginning to elevate the reserves, albeit very low.

Trading at the official NAFEX window

The exchange rate at the official market closed at N429.43 to a dollar on Monday, 22nd August 2022 recording a dip of 0.09% compared to N429.05/$1 recorded on Friday, 19th August 2022.

• The opening indicative rate closed at N429.07/$1 on Monday, 22nd August 2022, compared to N428/$1 recorded in the last trading session.
• Furthermore, an exchange rate of N432/$1 was the highest rate recorded during intra-day trading before it settled at N429.43/$1, while it traded as low as N415/$1 during intra-day trading.
• A total of $161.94 million in FX value was traded on Monday, which is 222.46% higher than the $50.22 million that exchanged hands on Friday, 19th August 2022.