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Business News of Thursday, 15 September 2022

Source: www.mynigeria.com

Exchange rate between naira and dollar appreciates marginally to N706/$1 at the black market

Naira and Dollar Naira and Dollar

The exchange rate between the naira and dollar at the parallel market on Thursday 15th September 2022 appreciated marginally to N706/$1, representing a 0.14% improvement compared to N707/$1 recorded in the previous trading session. This is according to information for black market traders.

On the other hand, the exchange rate at the official I&E window depreciated slightly to close at N436.5/$1 on Wednesday, 14th September 2022 from N436.04/$1 recorded on Tuesday. The depreciation in the closing exchange rate is following the 21.22% decline in the amount of FX traded in the I&E window.

Notably, a total of $65.95 million was recorded as forex turnover on Wednesday, which is 21.22% lower than the $83.71 million that exchanged hands on Tuesday.

The exchange rate at the cryptocurrency peer-to-peer FX market fell by 0.85% to trade at a minimum of N713/$1 on Thursday morning, as against N706.98/$1 that it traded at the same time on Wednesday.

Nigeria’s foreign reserve stood at $38.78 billion as of 13th September 2022, a slight dip of 0.09% from $38.82 billion recorded as of the previous day. The nation’s foreign reserve has been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.

Trading at the official NAFEX window
The exchange rate at the official market closed at N436.5/$1 on Wednesday, 14th September 2022, from N436.04/$1 recorded on Tuesday, the previous trading day.

The opening indicative rate closed at N434.75/$1 on Wednesday, 14th September 2022, same as recorded in the previous session.

Furthermore, the exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N423/$1 during intra-day trading.

A total of $65.95 million in FX value was traded in the Investors and Exporters window on Wednesday which represents a 21.22% decline compared to the $83.71 million that exchanged hands on Tuesday.

Exchange rate between naira and dollar falls to N707/$1 at the black market on 14th September 2022

The exchange rate between the naira and dollar at the parallel market on Wednesday 14th September 2022 fell to N707/$1, representing a 0.28% depreciation compared to N705/$1 recorded in the previous trading session. This is according to information for black market traders.

On the other hand, the exchange rate at the official I&E window has remained stable in the past week, albeit at a high rate as it closed at N436.04/$1 on Tuesday, 13th September 2022. This varies slightly when compared to N436.5/$1 recorded in the previous trading session.

Meanwhile, a total of $83.71 million was recorded as forex turnover on Tuesday, which is 16.1% lower than the $99.78 million that exchanged hands on Monday.

The exchange rate at the cryptocurrency peer-to-peer FX market fell by 0.35% to trade at N706.98/$1 on Wednesday morning, as against N704.5/$1 that it traded at the same time me on Tuesday.

Nigeria’s foreign reserve stood at $38.82 billion as of 12th September 2022, a dip of 0.26% from $38.92 billion recorded as of the previous day. The nation’s foreign reserve has been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.

Trading at the official NAFEX window

The exchange rate at the official market closed at N436.04/$1 on Tuesday, 13th September 2022, from N436.5/$1 recorded on Monday, the previous trading day.

The opening indicative rate closed at N434.75/$1 on Tuesday, 13th September 2022, compared to N434.4/$1 recorded in the previous trading session.
Furthermore, the exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.04/$1, while it traded as low as N435/$1 during intra-day trading.

A total of $83.71 million in FX value was traded in the Investors and Exporters window on Monday which is 16.11% lower than the $99.78 million that exchanged hands on Monday.

Exchange rate between naira and dollar trades at N705/$1 at the black market on 13th September 2022

Monday, 12th September 2022: The exchange rate between the naira and the US dollar at the I&E window closed at N436.5/$1, a slight depreciation of 0.04% compared to N436.33/$1 recorded on Friday, 9th September 2022.

The exchange rate at the parallel market traded at N705 to a dollar on Tuesday 13th September 2022, which represents a 0.14% appreciation from N706/$1 recorded in the previous trading day.

In the same vein, the exchange rate at the cryptocurrency peer-to-peer FX market appreciated by 0.14% to trade at N704.5/$1 on Tuesday morning, as against N705/$1 that it traded as of the same time on Monday.

Nigeria’s foreign reserve stood at $38.917 billion as of 9th September 2022, from $38.9157 billion recorded as of the previous day. The nation’s foreign reserve has been on a downward trend due to the constant intervention by the CBN in the official market to maintain the stability of the local currency.

Trading at the official NAFEX window

The exchange rate at the official market closed at N436.5/$1 on Monday, 12th September 2022, from N436.33/$1, recorded on Friday, last week.

The opening indicative rate closed at N434.4/$1 on Monday, 12th September 2022, compared to N433.83/$1 recorded in the previous trading session.
Furthermore, an exchange rate of N437/$1 was the highest rate recorded during intra-day trading before it settled at N436.5/$1, while it traded as low as N425/$1 during intra-day trading.

A total of $99.78 million in FX value was traded in the Investors and Exporters window on Monday which is 51.14% higher than the $66.02 million that exchanged hands on Friday.