Wednesday, September 28, 2022: The exchange rate between naira and dollar has continued to plunge, recording an intra-day depreciation of 1.42 percent to hit N730/$ at the parallel market. This sharp decline in the value of the naira represents a 2.7 percent decline week-on-week which came despite increased forex liquidity in the official I&E window. Similarly, trading activities at the B2B market show that the exchange rate declined, closing at about N735/1$ for the same period being reported. This is based on the information obtained from BDC operators in Lagos.
Investors and Exporters’ Window
Tuesday, September 27, 2022: The Nigerian Investors and Exporters (I&E) FX Window opened the trading session on a bullish note as the naira was exchanged for a dollar at N434.93. This represents a 0.2 percent appreciation. However, as the intra-day trading progressed, the naira slipped to a closing rate of N436.33/$, constituting a 0.08 percent depreciation day-on-day. On a week-on-week basis, the naira posted a 0.02 percent depreciation from N436.25/$ recorded as of the end of trading the previous week.
An exchange rate of N441/$1 was the highest rate recorded during the intra-day trading before it settled at N436.33/$ at the end of the trading session, while it also traded as low as N435/$ during intra-day trading. According to data from FMDQ, a total of $99.43 million was traded at the Investors and Exporters (I&E) Window for the reporting period. This represents an increase of 27 percent from the $78.10 million traded the previous day.
According to data from the Central Bank of Nigeria (CBN), as of September 23, Nigeria’s foreign reserve stands at $38.46 billion, declining by $22.6 million (0.06 percent) from the 38.49 billion recorded as of September 21.