Naira Falls At Parallel Market (SEE NEW RATE)

Naira Falls At Parallel Market (SEE NEW RATE)

The exchange rate between the naira and the US dollar depreciated on multiple platforms which saw  the parallel market fall by 1.69% to close trading activities on Monday at N630/$1 compared to N619.5/$1 recorded in the previous trading session.

The rate closed at N429.13/$1 at the official Investors and Exporters (I&E) window.

Also, the exchange rate at the peer-to-peer market depreciated by 1.69% on Tuesday to trade at a minimum of N630.2/$1 compared to N623.1/$1 recorded on Monday morning. This is the highest rate recorded at the unofficial market.

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The exchange rate at the official market appreciated on Monday, July 18, 2022, gaining 0.28% to close at N429.13 to a dollar as against the N430.33/$1 recorded on Friday, July 15, 2022.

The opening indicative rate closed at N428.26/$1 on July 18, 2022, from N426.63/$1 recorded in the previous trading session.

The naira appreciated slightly against the US dollar at the official market on Monday, with a 0.28% appreciation to close at N429.13/$1, compared to N430.33/$ recorded as of the close of trading activities in the previous trading session.

The appreciation of the local currency is following the 51.26% increase in the amount of forex supplied in the official market.

A total of $95.58 million in FX was traded on July 18, 2022, an increase compared to $63.19 million that exchanged hands on Friday, last week.

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