BREAKING: Naira Falls Massively At P2P Market, New Exchange Rate Emerges, See Rate

Naira Falls Massively At Black Market, See New Foreign Exchange Rate To Naira

Brand News Day Nigeria reports that the Nigerian official currency, on Thursday, January 27, 2022, Naira falls massively against the US dollar, British Pounds and Euro, days after maintaining the same position at the parallel market better known as the black market.

This online news platform understands that while the naira has fallen against foreign currencies, including Dollar, Pounds and Euro, it, however, fell further at the Peer-to-peer market, hitting N582.5/$1 on Thursday.

Naira falls at the P2P market as it trades as high as N444/$1 at the official window

Meanwhile, the exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N416.25/$1, while it traded as high as N444/$1 before settling lower.

Naira gained further against the US dollar on Wednesday as aginst a marginal appreciation of 0.02% to close at N416.33/$1 compared to N416.25/$1 recorded in the previous trading session.

The exchange rate has maintained an average of N416.69 to a dollar since the beginning of the new year.

Naira Falls Massively At P2P Market, New Exchange Rate Emerges, See Rate

Forex turnover at the official market increased by 28.9% to $123.13 million as against the $95.52 million recorded in the previous trading session.

On the other hand, the exchange rate fell to N582.5/$1 at the P2P market on Thursday morning, trading at a minimum of N582.5/$1 compared to N580/$1 recorded on Wednesday.

Naira closed flat at N568/$1 at the parallel market, the same as recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by our correspondence.

Nigeria’s foreign reserve declined by $26.77 million on Tuesday to close at $40.21 billion as of 25th January 2022, representing a 0.07% decline compared to $40.24 billion recorded as of 24th January 2022.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.25/$1 on Wednesday, 25th January 2022, which represents a 0.02% appreciation compared to N416.33/$1 recorded in the previous trading session

• The opening indicative rate closed at N415.36/$1 on Wednesday, which represents 15 kobo depreciation compared to N415.21/$1 recorded in the previous trading session.
• An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.25/$1, while it sold for as low as N410/$1 during intra-day trading.
• Forex turnover at the official window increased by 28.9% to $123.13 million on Wednesday, 26th January 2022.
• According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window improved from $95.52 million recorded on Tuesday 25th January 2022 to $123.13 million on Wednesday 26th January 2022.