On Tuesday morning, September 27, 2022, the value of the naira against the US dollar plunged dramatically, falling from N713/$1 exchanged on Monday, the previous trading session, to trade at N722/$1 in the parallel market. This is based on data collected from traders on the underground market.
On the other hand, on Monday, September 26, 2022, the official Investors and Exporters window saw the naira-to-dollar exchange rate finish at N436/$1, a tiny increase of 0.08% from N436.33/$1 observed in the previous session. Despite the upward trend in the exchange rate, Monday's forex turnover dropped to $78.1 million from last week's Friday's $106.11 million, a loss of 26.4%.
At the same time, the local currency had a 0.84% increase in the cryptocurrency peer-to-peer FX market, rising to a minimum of N723/$1 on Tuesday morning from N729.1/$1 on Monday, September 25
, 2022.
Nigeria's foreign exchange reserves were $38.46 billion as on September 23, 2022, a little decrease of 0.06% from the $38.49 billion reported the day before. Due to the CBN's ongoing involvement in the official market to preserve the stability of the local currency, the country's foreign reserve has been on the decline. On September 26, 2022, the black market exchange rate between the naira and the dollar was constant at N713/$1.
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On Friday, September 23, 2022, the official Investors and Exporters window's exchange rate increased somewhat by 0.04% to close at N436.33/$1 compared to N436.5/$1 in the previous session. On Friday, $106.11 million was transacted at the window, a slight rise of 4.3% over the $101.74 million that changed hands the previous session.
On the other side, the local currency further declined at the cryptocurrency peer-to-peer FX market, reaching a new record high to trade at a minimum of N729.1/$1 on Monday morning, a decline of 1.14% from N720.9/$1 that it traded at the same time on Friday last week.
Nigeria's foreign reserve, meanwhile, was $38.49 billion as on September 22, 2022, a little decrease of 0.07% from the $38.51 billion reported the day before. Due to the CBN's ongoing involvement in the official market to preserve the stability of the local currency, the country's foreign reserve has been on the decline.
Trading using the NAFEX official window
On Friday, September 23, 2022, the official market's closing exchange rate was N436.33/$1, an increase of 0.04% from the N436.5/$1 recorded on Thursday, September 22nd 2022.
The black market exchange rate between the naira and the dollar on September 23, 2022, is constant at N712/$1.
On Friday morning, September 23, 2022, the parallel market exchange rate between the naira and the US dollar was unchanged from the previous trading session, trading at N712/$1. This is according to information obtained from black market traders.
Similarly, the exchange rate remained stable at the official Investors and Exporters window, closing at N436.5/$1 on Thursday, 22nd September 2022, same as recorded in the previous session. A total of $101.74 million was traded at the window, which is a decrease of 24.06% from the $133.97 million that was transacted during the prior session.
The local currency, on the other hand, continued to devalue in the cryptocurrency peer-to-peer FX market, reaching a new record high to trade at a minimum of N720.9/$1 on Friday morning, down 0.31% from N718.69/$1 that it traded at the same time on Thursday.
Nigeria's foreign exchange reserves were $38.51 billion as on September 21, 2022, a minor decrease of 0.07% from the $38.54 billion reported the day before. Due to the CBN's ongoing involvement in the official market to preserve the stability of the local currency, the country's foreign reserve has been on the decline.
Trading using the NAFEX official window
On Wednesday, August 31, 2022, the official market's exchange rate fell from N431/$1 during the previous trading session to N429.44/$1 to a dollar.
On August 31, 2022, the opening indicative rate was N429.17 to $1.
It also moved as low as N418/$1 during intraday trading, with the highest rate during intraday trading reaching N453/$1 before it ended at N429.44/$1.
The Investors and Exporters window saw FX transactions for a total of $109.47 million on Wednesday.
Forex supply continues to decline, to $54 million, while the exchange rate is constant.
Monday, August 29, 2022: At the Investors and Exporters window, where formal forex trades take place, the exchange rate between the naira and the US dollar closed at N430.67/$1.
Despite a significant fall in the volume of foreign exchange exchanged at the official market, the naira maintained its stability at the I&E window on Monday, closing at the same rate recorded in the previous trading session. In particular, FX turnover dropped from $82.38 million on Friday, August 26, 2022, to $54.13 million, a fall of 34.3%.
In the meantime, the price of one dollar in cryptocurrencies on the peer-to-peer FX market traded at N699.29 on Friday morning, up 0.09% from the price of N699.92 at that time on Monday.
On Monday, August 29, 2022, the official market's closing exchange rate was N430.33/$1 to the dollar, maintaining the same level as the previous trading session.
On Monday, August 29, 2022, the opening indicative rate decreased to N429.07/$1 from the N428.5/$1 reported on the preceding Friday.
It also fluctuated as low as N417/$1 during intraday trading, with the highest rate during intraday trading reaching N432/$1 before it closed at N430.33/$1.
FX value totaled $54.13 million on Monday, which is 34.29% less than the $82.38 million that was traded on Friday, August 26, 2022.
Forex supply decreases to $82.9 million as the black market exchange rate drops to N698/$1.
Thursday, August 25, 2022 At the Investors and Exporters window, where formal forex trades take place, the exchange rate between the naira and the US dollar closed at N430.67/$1.
On Thursday, the naira strengthened little versus the US dollar, rising by 0.08% to settle at N430.67/$1 as opposed to N431/$1 in the previous trading session. The amount of foreign exchange that is transacted decreased noticeably by 36.88% to $82.88 million from $131.30 million on Wednesday.
On the other hand, the rate at the cryptocurrency peer-to-peer FX exchange fell to N697/$1 on Friday morning, down 0.14% from the rate of N696/$1 seen as of the same time on Thursday.
The naira also reached its lowest level since August 1, 2022, closing Thursday's black market trading at N698/$1, a 0.29% devaluation against the US dollar. Those who operate on the illicit market have told us this.
Nigeria's foreign exchange reserves, meanwhile, decreased somewhat on Wednesday, August 24, 2022, by 0.003%, to reach $38.94 billion, down from the previous trading day's total of $38.941 billion. Due to the CBN's persistent involvement in the official FX market in an effort to control exchange rate volatility, the reserve level has decreased considerably year to date.
