Business & Economy

BREAKING: Naira Falls Massively As Forex Falls To Lowest In 2022, See New Exchange Rate

Naira Falls Massively As Forex Falls To Lowest In 2022, See New Exchange Rate

Brand News Day Nigeria reports that the exchange rate between the naira to other foreign exchange rates has depreciated in the foreign exchange market.

This platform gathers that the US dollar closed at N416.33/$1 at the official Investors and Exporters (I&E) window, last Friday, 4 February 2022.

Advertisement

READ: Black Market Dollar To Naira Exchange Rate Today Monday, February 7, 2022

Notably, the Nigerian Naira depreciated against the US dollar on Friday with a 0.06% fall to close at N416.33/$1 compared to N416.07/$1 recorded as of the close of trading activities on Thursday, 3rd February 2022. In the same vein, the amount of FX that exchanged hands at the official window well to its lowest in almost 3 months.

Similarly, the exchange rate depreciated at the Peer-to-Peer (P2P) forex market, trading at a minimum of N574.27 to a dollar on Monday morning compared to N572.8/$1 recorded in the previous trading session.

Naira Falls Massively As Forex Falls To Lowest In 2022, See New Exchange Rate

Photo by Timis Alexandra dollar to naira exchange rate today black market, www. brandnewsday.com

Meanwhile, Naira closed slightly higher at the parallel market on Friday 4th February 2022, to close at N568/$1 compared to N569/$1 recorded in the previous trading session.

Nigeria’s foreign reserve reduced marginally by $1.99 million on Thursday to close at $39.982 billion as of 3rd February 2022, representing a 0.005% decline compared to $39.984 billion recorded as of 2nd February.

Advertisement

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.33/$1 on Friday, 4th February 2022, which represents a 0.06% depreciation compared to N416.07/$1 recorded in the previous trading session.

What You Should know

  • The opening indicative rate closed at N415.51/$1 on Friday, which represents a 17 kobo improvement compared to N415.68/$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 N416.33/$1, while it sold for as low as N410/$1 during intra-day trading.
  • Forex turnover at the official window fell significantly by 58.4% to $67.71 million on Friday, 4th February 2022.
  • According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased from $162.7 million recorded on Thursday 3rd February 2022 to $67.71 million on Friday 4th January 2022. This represents the smallest daily turnover at the market since November 16th 2021.
Facebook Comments
Brand News Day

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

3 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.