Naira Starts the Week Frail, Trades at N571/$1 as MRP Meeting Looms

The exchange rate between the Naira and the Dollar in the parallel market opened at N570/$1 as at 24^th January 2021, The demand for foreign exchange particularly the dollar has surged as supply of forex continues to be an impasse ahead of the MPR meeting scheduled today and tomorrow 24^th & 25^th January 2022.

Naira depreciated further in the early hours of Monday morning trading at N571/$1 in the parallel market, Naira declined by 0.17% compared to Friday’s rate where exchange rate was quoted at N570/$1.

According to ratecaptain.com, B2B exchange rates as at 24^th January 2021, the dollar, euro and pounds traded at N575/$1, N646/€1 and N766/£1 respectively.

Furthermore, the Euro and pounds sterling traded at N641/€1 and N771/£1 respectively, with both foreign currencies experiencing a 0.001% and 0.12% increase as well.

In the official foreign exchange market, Investors and Exporters (I&E) window, Naira appreciated marginally against the US dollar on Friday closing at N416/$1, representing a 0.08% gain compared to its previous trading session. According to data from the Central bank of Nigeria (CBN), CBN rates traded at N415.13/$1 while Euro and Pounds traded at N470/€1 and £563/N1 respectively.

Meanwhile in the international forex market, According to investing.com, the dollar index, which tracks the greenback against a basket of developed market economies, was up 0.1% at 95.773, still well within its recent range and struggling to post new highs. The dollar was flat against the euro at $1.1321, while the pound was also largely unchanged at $1.3551.

The euro was down 0.26% at 11:30 GMT to $1.1313, while the dollar index was 0.20% higher at 95.84. The euro also lost ground against the safe-haven Swiss franc, falling a quarter percent to a near seven-year low of 1.0317.