Naira Begins Trading Week at N569/$1, Appreciates by 0.69% at Parallel Market

The exchange rate between the Naira and the US dollar opened at N569/$1 at the parallel market In the early hours of Monday morning 31^st January 2022.

Compared to previous trading session, Naira appreciated by 0.69% against the dollar, a N4 difference as Naira/dollar closed at N573/$1 last Friday.

In respect to other top currencies traded in the forex market, according to rate captain, Euro and Pounds traded at N630/€1 and N765/£1 on Monday morning. Naira gained against the EUR and Pounds by 0.79% and 0.64% respectively compared to previous trading session.

Reports from various Bureau de change operators suggests that demand for foreign exchange continues to surge, increasing the demand pressure on the dollar. However, the supply of dollar at the moment continues to match the strong clamor foreign exchange.

In the official foreign exchange market, the Investors and Exporters (I&E) window, The exchange rate between the Naira and the US dollar closed at N416/$1 of Friday. Notably, Naira gain against the US dollar was its highest in the trading week representing a 0.08% appreciation.

Meanwhile in the international foreign exchange market, The Australian dollar was among the early gainers versus the greenback with the Aussie up more than 0.7% at $0.7048 before a central bank policy meeting on Tuesday.

The Dollar Index, which tracks the greenback against a basket of six other currencies, edged 0.2% lower to 97.035, retreating from Friday’s 18-month peak of 97.441.

EUR/USD rose 0.2% to 1.1166, having fallen to 1.1119 on Friday, its weakest since June 2020. USD/JPY rose 0.2% to 115.41, GBP/USD rose 0.1% to 1.3422 and the risk-sensitive AUD/USD soared 0.6% to 0.7031, after falling to its lowest since July 2020 on Friday.