By Peter Nosakhare, Kaduna
Exchange rate between the Naira and the US dollar closed at 425.75 Naira to one dollar at the Investors and Exporters (I&E) window, representing the lowest level recorded year-to-date.
Naira depreciated further against the US dollar on Monday, starting the week with a 0.18% depreciation to close at 425.75 Naira to one dollar compared to 425 Naira to one dollar recorded in the previous trading sessions.
In the same vein, the total forex supply declined by 39.69 per cent to 47.56 million dollars, the lowest in two seeks.
The exchange rate at the parallel market depreciated marginally on Monday, closing at 613 Naira to one dollar compared to 612 naira to one dollar recorded as of Friday, 1st July 2022.
Similarly, the exchange rate at the peer-to-peer market depreciated marginally by 0.09 per cent on Tuesday morning to trade at a minimum of 616.49 naira to one dollar compared to 615.9 naira to one dollar recorded on Monday morning.
Nigeria’s external reserves increased by 0.05 percent on Friday, 1st July 2022 to stand at 39.17 billion dollars from $39.16 billion recorded the previous day. This represents the 18th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the foreign Exchange market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
The exchange rate at the official market fell further on Monday, depreciating by 0.18 per cent to close at 425.75 Naira to a dollar as against the 425 naira to one dollar recorded on Friday, 1st July 2022.
