Naira appreciates at I&E window as foreign reserves records first gain in two weeks￼
Written by Broad Admin on August 5, 2022
The exchange rate between the naira and the US dollar Thursday, 4th August 2022 closed at N428.12/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Naira closed higher on Thursday, with a 0.25% appreciation against the US dollar to close at N428.12/$1 compared to N429.2/$1 recorded in the previous trading session. A total of $110.22 million was traded on Thursday, representing a 100.955% decrease when compared to the $123.78 million traded on Wednesday.
On the other hand, at the peer-to-peer market, naira fell to N651/$1 on Friday morning from N616.66/$1 recorded as of the same time on Thursday, representing a 5.6% decline compared to the previous day.
Nigeria’s external reserves rose for the first time in over two weeks, gaining marginally by 0.01% to stand at $39.07 billion from $39.07 billion recorded in the previous day. The reserve level had depreciated for eleven consecutive days, largely due to the constant intervention by the apex bank in the I&E window.