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Nigeria
Wednesday, October 5, 2022

Naira on a free fall, crashes to 580 naira per dollar as demand for FX soars

The exchange rate between the naira and the US dollar closed at N417/$1 at the official Investors and Exporters (I&E) window, representing the lowest level since January 4th 2022.

The exchange rate at the I&E window depreciated on Tuesday, 22nd March 2022 by 0.18% to close at N417/$1 compared to N416.25/$1 recorded in the previous trading session.

The exchange rate at the parallel market had maintained N578/$1 in the past five days. However, as of the close of trade on Tuesday, Naira fell to N583/$1 at the black market, largely driven by increased demands in the market. This is according to information obtained from BDC operators interviewed by Nairametrics.

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In the same vein, Naira fell by 0.7% at the peer-to-peer exchange rate market to trade at a minimum of N584.1/$ in the early hours of Wednesday morning. This is in contrast to the N580/$1 recorded on Tuesday, 22nd March 2022.

 

In terms of foreign reserve, Nigeria’s FX reserve dipped further by 0.22% to stand at $39.58 billion as of Monday, 21st March 2022 compared to $39.67 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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