The exchange rate between the naira and the US dollar on Wednesday closed at N429.38/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Naira appreciated slightly, with a gain of 0.3% on Wednesday to close at N429.38 at the official market compared to N430.67/$1 recorded in the previous trading session. Notably, forex turnover also increased by 134.4% to stand at $118.14 million traded on Wednesday from $50.4 million traded on Tuesday, 16th August 2022.
NewsBeatng reports that Naira traded at N679.5/$1 in the early hours of Thursday, 18th August 2022 at the peer-to-peer FX market, indicating a 0.13% appreciation against the US dollar compared to N680.4/$1 recorded in the previous trading session.
Also, the exchange rate at the parallel market appreciated marginally on Thursday, 18th August 2022, with a gain of 0.44% to trade at N677/$1 from N680/$1 recorded on Wednesday. This is according to information from black market FX traders across the country.
Nigeria’s external reserves on Tuesday, 16th August 2022, dipped slightly by 0.01% to stand at $38.894 billion from $38.896 billion recorded as of the previous week.
The reserve level had been on a downturn in recent times, due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility.
Trading at the official NAFEX window
The exchange rate at the official market appreciated on Wednesday, 17th August 2022 by 0.3% to close at N429.38 to a dollar compared to N430.67/$1 recorded on Tuesday, 16th August 2022.
The opening indicative rate closed at N427.58/$1 on Wednesday, 17th August 2022, compared to N429.88/$1 recorded in the previous trading session.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N429.38/$1, while it traded as low as N417/$1 during intra-day trading.
A total of $118.14 million in FX value exchanged hands on Wednesday, which is 134.4% higher than the $50.4 million that was traded in the previous trading session.
