CityNews Nigeria reports that the exchange rate between the naira and the US dollar closed at N420.75/$1 at the Investors and Exporters (I&E) window.
This online newspaper understands that the naira gained against the USD on Tuesday, following the public holiday on Monday in celebration of Nigeria’s democracy day. The exchange rate appreciated by 0.12% to close at N420.75/$1 compared to N421.25/$1 recorded as of the close of trading activities on Friday last week.
Also, a total of $115.1 million exchanged hands on Tuesday, representing a 9.49% increase in FX supply compared to the $105.11 million traded in the previous trading session.
Similarly, the exchange rate at the parallel market appreciated by 0.16% to close at N607/$1 in contrast to N608/$1 recorded in the previous trading session. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market depreciated by 0.67% on Wednesday morning, falling to its lowest level on record at N609.95/$ compared to N605.91/$ recorded on Tuesday, 14th June 2022.
Meanwhile, Nigeria’s external reserves appreciated by 0.08% on Friday, 10th June 2022 to stand at $38.55 billion from $38.52 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.
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