Dollar to Naira Exchange Rates
Naira Starts February Strong Across FX Market, See New Exchange Rate
At the official Investors and Exporters (I&E) window, the naira-dollar exchange rate closed at N415.75/$1.
The naira declined against the US dollar by 0.1 percent on Tuesday, closing at N415.75/$1, down from N415.33/$1 at the close of business on Monday, 31st January 2022.
On the other side, the Peer-to-Peer (P2P) market exchange rate increased modestly by 0.262 percent to N570/$1 on Wednesday morning, up from N571.5/$1 the previous trading day.
Highlights
The official market’s forex turnover increased by 73.9 percent to $165.3 million from $95.07 million in the previous trading session.
On the other side, the exchange rate increased somewhat by 0.262 percent on Wednesday morning on the P2P market, trading at a minimum of N570/$1, down from N571.5/$1 on Tuesday morning.
At the parallel market, the naira closed unchanged at N568/$1, the same level as in the previous trading session. This is based on information gleaned from interviews with BDC operators conducted by Nairametrics.
Nigeria’s foreign reserve fell by $80.55 million on Monday to $40.04 billion as of January 31, 2022, a 0.2 percent fall from $40.12 billion as of January 28, 2022. This means that in January 2022, the external reserve decreased by $481.4 million.
Trading in the NAFEX’s official window
On Tuesday, 1st February 2022, the Investors and Exporters window closed at N415.75/$1, a 0.1 percent decline from the previous trading session’s finish of N416.33/$1.
On Tuesday, the opening indicative rate closed at N415.18/$1, a decrease of 8 kobo from the previous trading session’s N415.1/$1.
The highest rate reported during intra-day trading was N444/$1 before settling at N415.75/$1, while it traded as low as N408/$1 during intra-day trading.
On Tuesday, 1st February 2022, forex turnover at the official window jumped by 73.9 percent to $165.3 million.
Forex turnover at the I&E window increased from $95.07 million on Monday 31st January 2022 to $165.3 million on Tuesday 2nd January 2022, according to statistics tracked by Nairametrics from FMDQ.
