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/$1 at the black market, largely driven by increased demands in the market. This is according to information obtained from BDC operators interviewed by Nairametrics.
In the same vein, Naira fell by 0.7% at the peer-to-peer exchange rate market to trade at a minimum of N584.1/$ 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.