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BREAKING: Naira Falls Massively Against US Dollar At P2P Forex Market

Naira Falls Massively Against US Dollar

BREAKING: Naira Falls Massively Against US Dollar At P2P Forex Market—The Genius Media Nigeria reports that the exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N415/$1.

This reliable platform understands that Naira recorded a marginal gain against the US dollar following the resumption of trading activities after the Christmas break. The exchange rate closed at N415/$1 on Wednesday, 29th December 2021, representing a 0.02% appreciation when compared to N415.1/$1 recorded in the previous trading session. This is despite the 29.1% drop in the volume of traded forex in the market on Wednesday.

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Naira Falls Massively Against US Dollar
In the same vein, naira gained at the parallel market, after closing at N569/$1 on Wednesday, which is a 0.52% appreciation compared to N572/$1 recorded on Friday of the previous week.

On the other hand, exchange rate at the P2P market depreciated from N568.2/$1 recorded on Wednesday, 29th December 2021 to trade at N570.2 in the early hours of Thursday, 30th December 2021. Naira has witnessed continent decline in the past week, dropping from N560.95/$1 recorded before the Christmas break to trade for as high as N571.4/$1 at the P2P market.

Similarly, Nigeria’s foreign reserve reduced by 0.03% on Friday, 24th December to close at $40.58 billion compared to $40.59 billion recorded as of the previous day. The continuous decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.

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Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N415/$1 on Wednesday, 29th December 2021, which represents a 0.02% marginal appreciation compared to N415/$1 recorded before the Christmas break.

▪ The opening indicative rate closed at N414.05/$1 on Wednesday, which represents a 49 kobo depreciation compared to N413.54/$1 recorded in the previous trading session.
▪ An exchange rate of N446.5/$1 was the highest rate recorded during intra-day trading before it settled at N415/$1, while it sold for as low as N405/$1 during intra-day trading.
▪ Forex turnover at the official window decreased by 29.1% to $119.48 million on Wednesday, 29th December 2021.
▪ According to data tracked TGM from FMDQ, forex turnover at the I&E window dropped from $168.62 million recorded on Friday 24th December 2021 to $119.48 million on Wednesday 29th December 2021.

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  1. Pingback: BREAKING: Naira Crashes Massively To 24 Hours To New Year

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