Newsonline reports that the exchange rate between the naira and the US dollar closed at N420.5/$1 at the Investors and Exporters (I&E) window.
Naira grew weaker against the US dollar on Thursday despite an improvement in FS supply at the official market. The exchange rate declined by 0.12% to close at N420.5/$1 compared to N420/$1, which is closed on Wednesday. This is according to information culled from the website the FMDQ Exchange.
The amount of FX that was traded in the I&E window increased by 9.41% to $136.35 million from $124.62 million that exchanged hands in the previous trading session.
The exchange rate at the parallel market remained stable on Thursday, having closed at N607/$1, the same as recorded during the previous trading session. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market appreciated by 0.45% on Friday morning, trading at N607/$1 compared to N609.74/$ recorded as of the same time on Thursday, 16th June 2022.
Nigeria’s external reserves appreciated marginal by 0.04% on Wednesday, 15th June 2022 to stand at $38.63 billion from $38.62 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.
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