THE exchange rate between the naira and the US dollar closed at N428.16/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Naira depreciated against the US dollar at the official market on Thursday, with a 0.1% decline to close at N428.16/$1 despite a 172.95% surge in the amount of forex that was traded in the market. Specifically, forex turnover improved to $222.84 million, the highest recorded since 2nd June 2022.
However, the exchange rate at the parallel market remained flat at N616/$1, the same as recorded in the previous trading session.
Also, the exchange rate at the peer-to-peer market depreciated marginally by 0.03% on Friday morning to trade at a minimum of N618.2/$1 compared to N618/$1 recorded on Thursday morning.
Nigeria’s external reserves increased by 0.17% on Wednesday, 6th July 2022 to stand at $39.34 billion from $39.27 billion recorded the previous day. This represents the 21st straight day of improvement for the nation’s foreign reserve.
The external reserve 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. However, elevated crude oil prices have seen the reserve level improve.
