This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency. Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)
Brand News Day Nigeria reports that the exchange rate between the naira and the US dollar closed at N416.75/$1 at the official Investors and Exporters (I&E) window, falling lower compared to N416.67/$1 recorded in the previous trading session.
This online news platform understands that the dollar to naira exchange rate depreciated further by 0.02% to close at N416.75/$1 on Friday, 18th February 2022 compared to N416.67/$1 recorded in the previous session. This represents the lowest level recorded at the official FX market since January 4, 2022.
Similarly, BrandNewsDay reports that forex turnover fell to its lowest level in over 3 months, since the 16th of November 2021 to $64.03 million, representing a 49.59% decline compared to $127.02 million recorded in the previous trading session.
On the other hand, Naira closed flat at N575/$1 at the parallel market otherwise known as the black market on Friday, February 18, 2022, having fallen from N570/$1 in the previous trading session. This is according to information obtained from BDC operators in the parallel market.
Also, the dollar to naira exchange rate at the Peer-to-Peer (P2P) forex market depreciated by 0.43% to trade at a minimum of N581 to a dollar on Monday morning compared to N578.49/$1 recorded on Friday, 18th February 2022.
The dollar to naira exchange rate at the Investors and Exporters window closed at N416.75/$1 on Friday, 18th February 2022, representing a 0.02% depreciation compared to N416.67/$1 recorded in the previous trading session.
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