Naira falls to N630/$1 at parallel market

The exchange rate between the naira and the US dollar depreciated on multiple platforms which saw  the parallel market fall by 1.69% to close trading activities on Monday at N630/$1 compared to N619.5/$1 recorded in the previous trading session. The rate closed at N429.13/$1 at the official Investors and Exporters (I&E) window. Also, the exchange […]

The exchange rate between the naira and the US dollar depreciated on multiple platforms which saw  the parallel market fall by 1.69% to close trading activities on Monday at N630/$1 compared to N619.5/$1 recorded in the previous trading session.

The rate closed at N429.13/$1 at the official Investors and Exporters (I&E) window.

Also, the exchange rate at the peer-to-peer market depreciated by 1.69% on Tuesday 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.

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

The opening indicative rate closed at N428.26/$1 on July 18, 2022, from N426.63/$1 recorded in the previous trading session.

The 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 July 18, 2022, an increase compared to $63.19 million that exchanged hands on Friday, last week.