19.1 C
Monday, October 3, 2022

Naira falls to N580/$1 at black market as market demand for FX rises

The exchange rate between the naira and the US dollar closed at N416.67/$1 at the official Investors and Exporters (I&E) window.

According to Nairametrics, the exchange rate at the I&E window depreciated marginally on Monday to close at N416.67/$1, which represents a 0.16% fall compared to N416/$1 recorded in the previous trading session.

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In the same vein, the exchange rate at the parallel market depreciated on Monday to close at N580/$1, representing a 1.22% decline compared to $573/$1 recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.

Meanwhile, FX turnover at the official market dropped by 40.23% to $80.32 million on Monday from $134.39 million recorded on Friday of the previous week. Recall that a total of $571.1 million was traded in the market in the previous week.


On the other hand, the exchange rate at the Peer-to-Peer (P2P) forex market appreciated by 1.276% to trade at N572.6/$1 in the early hours of Tuesday, 1st March 2022 compared to N580/$1 recorded on Monday morning.

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