Naira to Dollar gains massively at peer-to-peer FX market

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Naira to dollar , Dollar to Naira

The has gained significantly in the peer-to-peer FX market and the Black Market exchange Window.

When compared to the previous trading day, the Naira gained 5.5 percent.

The exchange rate between the naira and the US dollar closed at N429.2/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

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On Thursday, the naira ended the day on a high note, appreciating 0.34 percent against the US dollar to close at N429.2/$1, down from N430.67/$1 in the previous trading session. The market saw a total of $123.78 million in trading on Thursday, a 21.9 percent increase from the $158.68 million traded on Tuesday.

 

In a similar vein, the black market exchange rate increased on Thursday, closing at N665 to $1 as opposed to N670 to $1 on Tuesday, showing a 0.75 percent increase in the value of the local currency relative to the US dollar.

Naira to Dollar Exchange rate on Friday August 5, 2022

Similar to this, the naira on the peer-to-peer market increased to N680.66/$1 on Friday morning from N689.5/$1 on Thursday, representing a gain of 5.5 percent from the day before. This comes after a startling depreciation the week before, when the naira hit a record low of N715 to the dollar due to FX scarcity and panic buying.

 

Nigeria’s foreign exchange reserves, meanwhile, fell for the eleventh day in a row on Tuesday, falling by 0.1 percent to $39.07 billion from $39.1 billion as of Monday, August 1, 2022. The decrease in the nation’s foreign exchange reserves may be attributed to the recent two days’ increased FX activity on the official market.

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