Official exchange rate closes at N430/$1 as FX supply surges by 190% to $134.30 million 

Written by on August 16, 2022

The exchange rate between the naira and the US dollar closed at N430/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira depreciated by 0.09% on Monday, 15th August 2022 to close trading at N430/$1 from N429.62/$1 recorded in the previous trading session. However, forex supply inclined significantly by 190% to $134.3 million from $46.31 million that exchanged hands on Friday, 12th August 2022.

On the other hand, Naira recorded a marginal appreciation on Tuesday morning, trading at a minimum of N676.38/$1 compared to N678.98/$1 recorded in the previous trading session.

Meanwhile, at the parallel market, the Naira fell to N678/$1 on Monday, closing with a 0.44% depreciation compared to N675/$1 recorded in the previous trading session as FX traders continued to lament scarcity of forex and sustained high demand. This is according to information obtained from black market FX traders.

Nigeria’s external reserves recorded a rare gain on Friday, 12th August 2022, after the reserve level improved slightly by 0.01% to stand at $38.884 billion, from $38.881 billion recorded as of the previous day. The reserve level which had been on a downturn in recent times, due to the constant intervention by the CBN in the official FX market in a bid to manage exchange rate volatility.

(Nairametrics)

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