FX Market: Despite 222% Surge In Forex Supply, Naira Depreciates To N691/$1
The exchange rate between the naira and the US dollar on Monday closed at N429.43/$1 at the official foreign exchange market.
NewsBeatng reports that the exchange rate dipped slightly to close at N429.43/$1 compared to N429.05/$1 recorded on Friday 19th August, 2022, representing a 0.09% depreciation.
Meanwhile, forex supply surged by 222.3% to $161.94 million from 50.22 million that exchanged hands in the previous trading session.
Similarly, Naira traded at N691/$1 on Tuesday morning, 23rd August 2022 at the peer-to-peer FX market, indicating a depreciation of 0.16% compared to N689.9/$1 recorded in the previous trading session.
Nigeria’s external reserves improved slightly by 0.012% on Monday, 22nd August 2022, to stand at $38.912 billion from $38.907 billion recorded in the previous trading trade.
The reserve level had dropped significantly year-to-date due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility.
However, improved non-oil export earnings is beginning to elevate the reserves, albeit very low.
NewsBeatng reports that the exchange rate at the official market closed at N429.43 to a dollar on Monday, 22nd August 2022 recording a dip of 0.09% compared to N429.05/$1 recorded on Friday, 19th August 2022.
The opening indicative rate closed at N429.07/$1 on Monday, 22nd August 2022, compared to N428/$1 recorded in the last trading session.
Furthermore, an exchange rate of N432/$1 was the highest rate recorded during intra-day trading before it settled at N429.43/$1, while it traded as low as N415/$1 during intra-day trading.
A total of $161.94 million in FX value was traded on Monday, which is 222.46% higher than the $50.22 million that exchanged hands on Friday, 19th August 2022.