On the one hand, the exchange rate appreciated by 1.687% at the P2P market on Monday morning, trading at a minimum of N570/$1 compared to N579.78/$1 recorded on Friday morning.
In a similar vein, the Nigerian Naira closed flat at N568/$1 at the parallel market, the same as recorded in the previous trading session.
On the other hand, Nigeria’s foreign reserve declined by $32.7 million on Thursday to close at $40.15 billion as of 27th January 2022, representing a 0.08% decline compared to $40.18 billion recorded as of 26th January 2022.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416/$1 on Friday, 28th January 2022, which represents a 0.08% appreciation compared to N416.33/$1 recorded in the previous trading session
- The opening indicative rate closed at N415.42/$1 on Friday, which represents 32 kobo depreciation compared to N415.1/$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/$1, while it sold for as low as N405/$1 during intra-day trading.
- Forex turnover at the official window decreased by 28.5% to $81.29 million on Friday, 28th January 2022.
- According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window dropped from $113.71 million recorded on Thursday 27th January 2022 to $81.29 million on Friday 28th January 2022.