BREAKING: Naira Gains Massively At P2P Market Again, As External Reserve Falls, See New Exchange Rate

Naira Gains Massively At P2P Market Again, As External Reserve Falls, See New Exchange Rate

The naira has gained at the Peer-to-peer market, falling to N570./$1 in the early hour of Monday as of the time of writing this story.

Naira Gains Massively in The P2P Market

Naira gains against the US dollar for the fourth time on Wednesday with a 0.12% depreciation to close at N416.25/$1 compared to N415.75/$1 recorded as of the close of trading activities on Tuesday, 1st February 2022.

This online news platform understands that the Naira exchange rate at the Peer-to-Peer (P2P) market appreciated significantly to its highest level in over three weeks, trading at N569.9/$1 on Thursday morning compared to N570/$1 recorded in the previous day.

Similarly, Forex turnover at the official market dropped by 38.3% to $102.07 million compared to $165.3 million recorded in the previous trading session.

Naira Gains Massively At P2P Market Again, As External Reserve Falls, See New Exchange Rate

On the one hand, the exchange rate appreciated by 0.02% at the P2P market on Thursday morning, trading at a minimum of N569.9/$1 compared to N570/$1 recorded on Wednesday morning.

Interestingly, as naira gains massively in the p2p market, this is the lowest rate recorded at the P2P market since the beginning of this year.

On the other hand, 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 Nairametrics.

Nigeria’s foreign reserve declined by $80.55 million on Monday to close at $40.04 billion as of 31st January 2022, representing a 0.2% decline compared to $40.12 billion recorded as of 28th January 2022. This means that the external reserve declined by $481.4 million in January 2022.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416/$1 on Wednesday, 2nd February 2022, which represents a 0.12% depreciation compared to N415.75/$1 recorded in the previous trading session

The opening indicative rate closed at N415.5/$1 on Wednesday, which represents 32 kobo depreciation compared to N415.18/$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 N408/$1 during intra-day trading.
Forex turnover at the official window decreased by 38.3% to $102.07 million on Wednesday, 2nd February 2022.
According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window declined from $165.3 million recorded on Tuesday 2nd February 2022 to $102.07 million on Wednesday 3rd January 2022.

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