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Naira Closes N417/$1 At I&E Window

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The exchange rate between the naira and the US dollar closed at N417/$1 at the official Investors and Exporters (I&E) window, maintaining the same rate as the previous day.

The exchange rate at the I&E window closed flat at N417/$1 on Wednesday, 23rd March 2022, the same as recorded on Tuesday. Recall that the official rate had depreciated by 0.18% in the previous trading session.

The exchange rate at the parallel market recorded a market depreciation, selling for an average of N583/$1, representing a 0.87% downturn compared to N578/$1 recorded in the previous session. This is according to information obtained from BDCs operating in Nigeria.

Naira recorded a marginal gain at the Peer-to-peer market (P2P) to trade at a minimum of N582.1/$1 in the early hours of Thursday, which is 0.342% higher than N584.1/$1 recorded on Wednesday

In terms of foreign reserve, Nigeria’s FX reserve dipped further by 0.09% to stand at $39.54 billion as of Tuesday, 22nd March 2022 compared to $39.58 billion recorded as of the previous day. The decline is attributed to the continuous intervention by the CBN in the official market.

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Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N417/$1 on Wednesday, 23rd March 2022, which is the same as the closing rate for the previous trading session.

The opening indicative rate closed at N415.98/$1 on Wednesday, representing a 10 kobo depreciation compared to the N415.88/$1 recorded on Tuesday, 22nd March 2022.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N417/$1, while it sold for as low as N410/$1 during intra-day trading,

A sum of $135.69 million was traded in FX at the official Investors and Exporters window on Wednesday.

According to the data from the FMDQ, forex turnover increased by 72.39% from $78.71 million recorded on Tuesday to $135.69 million on Wednesday, 23rd March 2022.

Hammed Tajudeen is the editor in-chief of Blaze News, holds Higher National Diploma(HND) in Mass Communication, graduated from Osun State Polytechnic, Iree.

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