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Naira falls sharply across forex markets despite 32% increase in dollar supply

Monday, 18th July 2022: The exchange rate between the naira and the US dollar closed at N429.13/$1 at the official Investors and Exporters (I&E) window.

Naira appreciated slightly against the US dollar at the official market on Monday, with a 0.28% appreciation to close at N429.13/$1, compared to N430.33/$ recorded as of the close of trading activities in the previous trading session.

The appreciation of the local currency is following the 51.26% increase in the amount of forex supplied in the official market. A total of $95.58 million in FX was traded on Monday, 18th July 2022, an increase compared to $63.19 million that exchanged hands on Friday, last week.

Nigerians increasingly demanding for Forex as scarcity persists

On the other hand, the exchange rate at the parallel market fell by 1.69% to close trading activities on Monday at N630/$1 compared to N619.5/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.

Also, the exchange rate at the peer-to-peer market depreciated by 1.69% on Tuesday morning to trade at a minimum of N630.2/$1 compared to N623.1/$1 recorded on Monday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

Nigeria’s external reserves increased by 0.03% on Friday, 15th July 2022 to stand at $39.44 billion from $39.43 billion recorded as of the previous day. This represents the 26th 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.

Trading at the official NAFEX window

The exchange rate at the official market appreciated on Monday, 18th July 2022, gaining 0.28% to close at N429.13 to a dollar as against the N430.33/$1 recorded on Friday, 15th July 2022.

The opening indicative rate closed at N428.26/$1 on Monday, 18th July 2022, from N426.63/$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 N429.13/$1, while it traded as low as N414/$1 during intra-day trading.

A total of $95.58 million in FX value exchanged hands on Monday, which is 51.26% higher than the $63.19 million that was traded in the previous trading session.

Naira falls big to N430/$1 at official window as liquidity remains low

Friday, 15th July 2022: The exchange rate between the naira and the US dollar closed at N430.33/$1 at the official Investors and Exporters (I&E) window.

Naira depreciated massively against the US dollar at the official market on Friday, with a 1.34% decline to close at N430.33/$1, compared to N424.62/$ recorded as of the close of trading activities in the previous trading session. This is the lowest level on record, with the exception of 31st December 2021.

The depreciation of the local currency is following the sustained low forex turnover in the market. A total of $63.19 million in FX was traded on Friday, 15th July 2022, representing a decrease of 28.15% compared to $87.95 million that exchanged hands on Thursday.

Also, the exchange rate at the peer-to-peer market depreciated by 0.14% on Saturday morning to trade at a minimum of N623.1/$1 compared to N622.25/$1 recorded on Friday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

On the other hand, the exchange rate at the parallel market remained flat on Friday, closing at N618/$, the same as recorded in the previous trading session. This is according to information from Bureau De Change operators.

Nigeria’s external reserves increased by 0.02% on Thursday, 14th July 2022 to stand at $39.43 billion from $39.42 billion recorded as of the previous day. This represents the 25th 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.

Trading at the official NAFEX window

The exchange rate at the official market depreciated on Friday, 15th July 2022, dropping by 1.34% to close at N430.33 to a dollar as against the N424.62/$1 recorded on Thursday, 14th July 2022.

The opening indicative rate closed at N426.63/$1 on Friday, 15th July 2022, from N424.3/$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 N430.33/$1, while it traded as low as N414/$1 during intra-day trading.

A total of $63.19 million in FX value exchanged hands on Friday, which is 28.15% lower than the $87.95 million that was traded in the previous trading session.

Exchange rate depreciates at I&E window despite improvement in FX supply

Thursday, 14th July 2022: The exchange rate between the naira and the US dollar closed at N424.62/$1 at the official Investors and Exporters (I&E) window.

Naira depreciated marginally against the US dollar at the official market on Thursday, with a 0.01% decline to close at N424.62/$1, despite a 44.56% increase in forex turnover. Specifically, a total of $87.95 million in FX value exchanged hands in the market on Thursday compared to $60.84 million that was traded in the previous trading session.

Also, the exchange rate at the peer-to-peer market depreciated by 0.29% on Friday morning to trade at a minimum of N622.25/$1 compared to N620.41/$1 recorded on Thursday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

On the other hand, the exchange rate at the parallel market remained flat on Thursday, closing at N618/$, the same as recorded in the previous trading session. This is according to information from Bureau De Change operators.

Nigeria’s external reserves increased by 0.17% on Wednesday, 13th July 2022 to stand at $39.42 billion from $39.35 billion recorded the previous day. This represents the 24th 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.

Trading at the official NAFEX window

The exchange rate at the official market depreciated slightly on Thursday, 14th July 2022, dropping by 0.01% to close at N424.62 to a dollar as against the N426.58/$1 recorded on Wednesday, 13th July 2022.

The opening indicative rate closed at N424.3/$1 on Thursday, 14th July 2022, from N424.4/$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 N424.62/$1, while it traded as low as N414/$1 during intra-day trading.

A total of $87.95 million in FX value exchanged hands on Thursday, which is 44.56% higher than the $60.84 million that was traded in the previous trading session.

Naira falls to N620/$1 at peer-to-peer market as FX scarcity persists

Tuesday, 13th July 2022: The exchange rate between the naira and the US dollar closed at N424.58/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira appreciated slightly against the US dollar at the official market on Wednesday, with a 0.36% gain to close at N424.58/$1, following a 25.01% increase in forex turnover. Specifically, a total of $60.84 million in FX value exchanged hands in the market on Wednesday compared to $48.67 million that was traded in the previous trading session.

On the other hand, the exchange rate at the parallel market depreciated to N618/$1 on Wednesday, falling by 0.49% compared to N615/$1 recorded on Friday, the previous week. This is according to information from Bureau De Change operators.

Also, the exchange rate at the peer-to-peer market depreciated by 0.72% on Thursday morning to trade at a minimum of N620.41/$1 compared to N616/$1 recorded on Wednesday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.

Nigeria’s external reserves increased by 0.03% on Friday, 8th July 2022 to stand at $39.35 billion from $39.34 billion recorded the previous day. This represents the 23rd 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.

Trading at the official NAFEX window

The exchange rate at the official market appreciated on Wednesday, 13th July 2022, gaining 0.36% to close at N424.58 to a dollar as against the N426.13/$1 recorded on Friday, 8th July 2022.

The opening indicative rate closed at N424.4/$1 on Wednesday, 13th July 2022, from N423.85/$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 N424.58/$1, while it traded as low as N411.42/$1 during intra-day trading.

A total of $60.84 million in FX value exchanged hands on Wednesday, which is 25.01% higher than the $46.67 million that was traded in the previous trading session.

Naira falls at I&E window despite massive improvement in dollar supply

Thursday, 7th July 2022: 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. This is according to information from Bureau De Change operators.

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.

Trading at the official NAFEX window

The exchange rate at the official market depreciated on Thursday, 7th July 2022, falling by 0.1% to close at N428.16 to a dollar as against the N427.75/$1 recorded on Wednesday, 6th July 2022.

The opening indicative rate closed at N426.31/$1 on Thursday, 7th July 2022, from N423.85/$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 N428.16/$1, while it traded as low as N413.5/$1 during intra-day trading.

A total of $222.84 million in FX value exchanged hands on Thursday, which is 222.84% higher than the $81.64 million that was traded in the previous trading session.

Naira falls to N431/$1 at the official forex market

Wednesday, 6th July 2022: The exchange rate between the naira and the US dollar closed at N427.75/$1 at the Investors and Exporters (I&E) window, reaching a peak of N431/$1.

Naira recorded a 0.52% appreciation against the US dollar on Wednesday to close at N427.75/$1 after hitting a year-to-date high on Tuesday, 5th July 2022 at N430/$1. Similarly, a total of $81.64 million exchange hands in the official market on Wednesday, according to information obtained from FMDQ website.

The exchange rate at the parallel market depreciated on Wednesday, closing at N616/$1 compared to N613/$1 recorded on Tuesday, 5th July 2022. Bureau De Change operators who spoke to Nairametrics attributed the downturn to forex scarcity and increased demand.

Similarly, the exchange rate at the peer-to-peer market depreciated marginally by 0.16% on Thursday morning to trade at a minimum of N618/$1 compared to N617/$1 recorded on Wednesday morning.

Nigeria’s external reserves increased by 0.04% on Tuesday, 5th July 2022 to stand at $39.27 billion from $39.25 billion recorded the previous day. This represents the 20th 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.

Trading at the official NAFEX window

The exchange rate at the official market moderated on Wednesday, appreciating by 0.52% to close at N427.75 to a dollar as against the N430/$1 recorded on Tuesday, 5th July 2022.

The opening indicative rate closed at N423.85/$1 on Wednesday, 6th July 2022, from N422.71/$1 recorded in the previous trading session.

Furthermore, an exchange rate of N431/$1 was the highest rate recorded during intra-day trading before it settled at N427.75/$1, while it traded as low as N413/$1 during intra-day trading.

A total of $81.64million in FX value was traded in the official I&E window on Wednesday.

Naira falls across FX markets as dollar supply dips significantly

Monday, 4th July 2022: The exchange rate between the naira and the US dollar closed at N425.75/$1 at the Investors and Exporters (I&E) window, representing the lowest level recorded year-to-date.

Naira depreciated further against the US dollar on Monday, starting the week with a 0.18% depreciation to close at N425.75/$1 compared to N425/$1 recorded in the previous trading sessions. In the same vein, the total forex supply declined by 39.69% to $47.56 million, the lowest in two seeks.

The exchange rate at the parallel market depreciated marginally on Monday, closing at N613/$1 compared to N612/$1 recorded as of Friday, 1st July 2022. Bureau De Change operators who spoke to Nairametrics attributed the downturn to forex scarcity and increased demand.

Similarly, the exchange rate at the peer-to-peer market depreciated marginally by 0.09% on Tuesday morning to trade at a minimum of N616.49/$1 compared to N615.9/$1 recorded on Monday morning.

Nigeria’s external reserves increased by 0.05% on Friday, 1st July 2022 to stand at $39.17 billion from $39.16 billion recorded the previous day. This represents the 18th 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.

Trading at the official NAFEX window

The exchange rate at the official market fell further on Monday, depreciating by 0.18% to close at N425.75 to a dollar as against the N425/$1 recorded on Friday, 1st July 2022.

The opening indicative rate closed at N422.25/$1 on Monday, 4th July 2022, from N421.6/$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 N425.75/$1, while it traded as low as N413/$1 during intra-day trading.

A total of $47.56 million in FX value was traded in the official I&E window on Monday, which is 39.69% lower than the $78.86 million that exchanged hands in the previous trading session.

Written by Newsway

NewsWay reporters are Media employees of the newsway.com.ng vested with the responsibilities of getting informative data from verifiable sources and publishing same undistorted on behalf of the NEWS WAY INFO-TECH which is a parent company that birthed the NewsWay blog.

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