Photo by Timis Alexandra
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.
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.
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.
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.
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