The exchange rate between the naira and the US dollar on Monday closed at N421.33/$1 at the Investors and Exporters (I&E) window.
NewsBeatng reports that Naira remained stable at the official Investors and Exporters window on Monday, closing at the same rate as it did on Friday of the previous week at N421.33/$1. This is according to information culled from the website the FMDQ Exchange.
The amount of FX that was traded in the I&E window crashed significantly to its lowest in over two months at $46.07 million.
The exchange rate at the parallel market remained stable on Monday grew slightly stronger, having closed at N606/$1, from N607/$1 recorded as of the close of trading activities last week on Friday. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market depreciated by 0.15% on Tuesday morning, trading at N612.19/$1 compared to N611.3/$ recorded as of the same time on Monday, 20th June 2022.
Nigeria’s external reserves appreciated marginally by 0.08% on Friday, 17th June 2022 to stand at $38.69 billion from $38.66 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.
However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
The exchange rate started the week on a stable note as the naira closed flat at N421.33/$1, the same as recorded in the previous trading session.
The opening indicative rate closed at N419.71/$1 on Monday, 20th June 2022.Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N421.33/$1, while it sold for as low as N413/$1 during intra-day trading.
A total of $46.07 million in FX value was traded in the official I&E window on Monday, which is the lowest recorded since 4th April 2022.
