Tuesday, October 11, 2022: The exchange rate between the naira and dollar at the parallel (black) market stands at about N729/$1, declining by 0.14 percent compared with the previous day’s closing price. Trading activities at the B2B market show that the exchange rate between the currency pairs is about N734/$ for the same period being reported. This is based on the information obtained from forex marketers in Lagos.
Investors and Exporters Window
October 7, 2022: The Nigerian Investors and Exporters (I&E) FX Window closed the trading session on a bearish note with the naira slipping to N439.17/$ representing a 0.6 percent depreciation from the previous closing price of N436.63/$. Similarly, the naira depreciated by 0.49 percent on a week-on-week basis.
An exchange rate of N450.07/$1 remained the highest rate recorded during the intra-day trading before it settled at N439.17/$ at the end of the trading session, while it also traded as low as N422/$ during intra-day trading. According to data from FMDQ, a total of $99.70 million was traded at the Investors and Exporters (I&E) Window for the reporting period. Represent a decrease of 1.03 percent from the $100.74 million traded the previous day.
Trading Activities at the Official I&E Window
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The exchange rate at the official market closed at N439.17/$1 on Friday, 7th October 2022, from N436.63/$1 recorded in the previous session.
The opening indicative rate was N437/$1 while the closing rate on Friday, 7th October 2022 was N437/$1 while.
Additionally, an exchange rate of N450.07/$1 was the highest rate recorded during intra-day trading before it settled at N439.17/$1, while it traded as low as N422/$1 during intra-day trading.
A total of $99.7 million in FX value was traded in the Investors and Exporters window on Friday, which is 1.03% lower than the $100.74 million that exchanged hands in the last trading session.
Foreign Reserves
Nigeria’s gross external reserve has been declining since July 2022 with occasional increases. According to data from the Central Bank of Nigeria (CBN), as of October 6, 2022, Nigeria’s foreign reserve stands at $38.1 billion, declining by $10.2 million (0.03 percent) from the 38.11 billion recorded as of October 5.
