BREAKING: Naira Falls Massively As FX Turnover Drops To 3-Month Low

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)

Naira Falls Massively As FX Turnover Drops To 3-Month Low, continue reading below.

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.

READ: Black Market Dollar To Naira Exchange Rate Today Tuesday, February 22, 2022

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.

Naira Falls Massively As FX Turnover Drops To 3-Month Low

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.

READ: Black Market Euro To Naira Exchange Rate Today Tuesday, February 22, 2022

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.

Trading at the official NAFEX window

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.

It is worth noting that the exchange rate depreciated continuously for the past three trading sessions.
The opening indicative rate closed at N415.85/$11 on Friday. This represents a 15 kobo appreciation as opposed to the N416/$1 recorded on Thursday, 17th February 2022.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.75/$1, while it sold for as low as N410/$1 during intra-day trading,
Meanwhile, forex turnover at the official window decreased by 49.59% to $64.03 million on Friday, 18th February 2022.
According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window dropped to $64.03 million on Friday from $127.02 million recorded on Thursday 17th February 2022.

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