BREAKING: Naira Falls Massively At P2P Market, Dollar To Naira Rate Hits N585/$1

Naira Falls Massively At Peer-to-Peer Market on Tuesday, Dollar To Naira Rate Hits N585/$1

Nigeria’s Naira has recorded its highest low in 2022 at the peer-to-peer (P2P), parallel market otherwise known as the Black market where buyers meet sellers to sell their USD tether to receive naira.

On the other hand, the exchange rate between the naira to dollar at the official Investors and Exporters (I&E) window closed at N416.38/$1.

Naira started the week with a decline against the US dollar on Monday to close at N416.38/$1, representing a 0.09% depreciation compared to N416/$1 recorded in the previous trading session. Meanwhile, forex turnover at the official market decreased marginally by 3.9% to $136.9 million compared to $142.42 million that exchanged hands on Friday.

READ: BREAKING: Naira Falls Massively At Black Market, See New Foreign Exchange Rate

Meanwhile, the naira closed with a marginal decline of 0.18% to close at N571/$1 at the parallel market, after maintaining N570 to a dollar in the past three trading sessions. This is according to information obtained from BDC operators as obtained by Brand News Day.

Nigeria’s foreign reserve declined by $31.6 million to close at $40.31 billion as of 21st January 2022, representing a 0.08% decline compared to $40.35 billion recorded as of 20th January 2022.