The naira exchange rate to the US dollar closed at N417/$1 at the official Investors and Exporters (I&E) window representing a depreciation of the naira by 0.18% when compared to the N416.25/$1 recorded in the previous trading session.
The exchange rate at the parallel market had been very volatile as forex scarcity has influenced the naira exchange rate. It has ranged between N575/$1 and N580/$1 in the past five days. However, at the close of trade on Tuesday, Naira fell to about N590/$1 at the black market, largely driven by increased demands in the market. This information was obtained from the chat with BDC operators.
Similarly, the Naira fell by 0.68% at the peer-to-peer exchange rate market to trade at a minimum of N585/$1 in the early hours of today as compared to the N581/$1 it traded for on Tuesday, 22nd March 2022.
Foreign reserves have therefore dipped by 0.27% to stand at $39.58billion as of Monday, 21st March 2022 as compared to $39.69billion recorded on the 17th March 2022. This decline is linked to the continuous intervention by the Central Bank of Nigeria in the official FX market.
Trading at the official (I&E) window
The naira exchange rate to the US dollar closed at N417/$1 at the official Investors and Exporters (I&E) window representing a depreciation of the naira by 0.18% when compared to the N416.25/$1 recorded in the previous trading session.
An opening indicative rate reported at N415.88/$1 on Tuesday, 22nd March 2022, representing a 0.04% appreciation of the Naira when compared with the forex rate of N416.06/$1 recorded on Monday, 21st March 2022.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N417/$1, while at its lowest, it sold for N410/$1 during the intra-day trade.
A total of $18.71 million was traded at the official FX market on Tuesday.
