The exchange rate between the naira and the US dollar closed at N416/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Nairametrics reported that, naira appreciated marginally by 0.16% to close at N416 on Tuesday, 15th February 2022 compared to N416.67/$1 recorded in the previous session. This is despite the 22.9% increase in dollar demand at the official forex market.
The exchange rate at the Peer-to-Peer (P2P) forex market appreciated by 0.17% to trade at a minimum of N575 to a dollar on Wednesday morning compared to N576/$1 recorded on Tuesday, 15th February 2022.
On the other hand, Naira remained flat at the parallel market, closing at N570/$1 on Tuesday, 15th February 2022. This is according to information obtained from BDC operators interviewed by Nairametrics.
Also, Nigeria’s external reserve dropped further on Monday, 14th February 2022 to close at $39.79 billion representing a 0.14% decline compared to $39.79 billion recorded as of the previous day. The reserve continues despite the upward trend in the price of crude oil.