Naira to Dollar has again at the official and P2P market, See New Exchange Rate below.
Ejes Gist News reports that the official Investors and Exporters ( I & E ) window exchange rate between the naira and the US dollar closed at N416.25/$1, after trading as high as N444/$1 before settling lower.
On Wednesday, the naira gained 0.02 percent against the US dollar, closing at N416.33/$1 compared to N416.25/$1 in the previous trading session.
Since the start of the year, the exchange rate has remained stable at N416.69 to the dollar.
The official market’s forex turnover increased by 28.9% to $123.13 million, compared to $95.52 million in the previous trading session.
In the P2P market, on the other hand, the exchange rate fell to N582.5/$1 on Thursday morning, trading at a low of N582.5/$1 compared to N580/$1 on Wednesday.
The parallel market Naira closed flat at N568/$1, the same as the previous trading session.
According to data gathered from BDC operators obtained by Ejes Gist News.
Nigeria’s foreign reserve fell by $26.77 million on Tuesday, closing at $40.21 billion on the 25th of January 2022, a 0.07 percent decrease from the previous day’s figure of $40.24 billion.
Trading at the NAFEX official window
On Wednesday, January 25th, 2022, the Investors and Exporters window exchange rate closed at N416.25/$1, representing a 0.02 percent increase over the previous trading session’s rate of N416.33/$1.
On Wednesday, the opening indicative rate fell 15 kobo to N415.36/$1, a drop of 15 kobo from the previous trading session’s rate of N415.21/$1.
During intra-day trading, the highest rate recorded was N444/$1 before settling at N416.25/$1, and it sold for as low as N410/$1 before settling at N416.25/$1.
On Wednesday, January 26th, 2022, forex turnover at the official window increased by 28.9% to $123.13 million.
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Forex turnover at the I&E window increased from $95.52 million on Tuesday 25th January 2022 to $123.13 million on Wednesday 26th January 2022, according to data tracked by Ejes Gist News from FMDQ.
Meanwhile, the Nigerian govt to spend N270bn monthly on fuel subsidy.
The Nigerian National Petroleum Corporation (NNPC) plans to pay N270 billion per month to subsidize fuel consumption by Nigerians in 2022, raising its total subsidy payment to N3 trillion for the year.
This is significantly more than the N1.43 trillion spent by the Nigerian oil corporation in 2021, when it only remitted 17.4 percent of its N2.99 trillion revenue after spending N2.47 trillion over eleven months.
Following the administration’s decision to postpone the planned removal of the fuel subsidy, the NNPC presented the proposed fuel subsidy payment to the FEC meeting presided over by President Muhammadu Buhari.
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