Naira falls to N430 per dollar at official window

Exchange rate between the Naira and the United States of America dollar closed at N430.33 to the dollar at the official Investors and Exporters (I&E) window.

Naira depreciated massively against the dollar at the official market on Friday, July 15, 2022 with a 1.34 per cent decline to close at N430.33 to $1 compared to N424.62 to $1 recorded as at the close of trading session, the lowest rate on record apart from the rate as of December 31, 2021.

The depreciation of the local currency followed sustained low foreign exchange (forex) turnover in the market with a total of $63.19 million on Friday, July 15, 2022, representing a decrease of 28.15 per cent compared to $87.95 million that exchange on Thursday.

Also, the peer-to-peer exchange rate deprecated by 0.14 per cent on Saturday morning to trade at a minimum of N622.25 to $1 as earlier recorded on Friday, being the highest rate recorded at the official market.

The Trumpet learnt from a Bureau De Change (BDC) operator in Lagos that the exchange rate at the parallel market remained at N618.20 to $1 as of Friday morning as the Nigeria External Reserve had been on the downward trend due to the Central Bank of Nigeria’s (CBN) interventions in the forex market with a view to ensuring stability of the local currency Naira.

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However, rising crude oil prices have seen the reserve level improve marginally in the recent weeks, but the exchange rate at the official market depreciated on Friday, July 15, 2022, dropping by 1.34 per cent to close at N430.33 to $1, as against the N424.02 to $1 recorded on Thursday, July 14, 2022 at the official Investors and Exporters (I&E) window.

The opening indicative rate closed at N424.03 to $1 on Thursday July 14th, 2022 from N424.04 to $1 in the previous trading day.

Furthermore an exchange rate of N444 to $1 was the highest rate recorded during intra – day trading before it settled at N414 to one dollar during day trading.

A total of $87.95 million in Foreign Exchange value exchanged hands on Thursday, which is 44.56 per cent higher than the $66.84 million traded in the previous session.

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