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Naira Watch

Naira closes N4213/$1 as FX supply drops to two month low

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Nigerian currency, Naira exchange rate to the dollar closed at N421.33/$1 at the official Investors and Exporters window on Monday, the same rate as it did at the last trading section on Friday, Last week.

According to data from the FMDQ Exchange website, the amount of FX that was traded in the I&E window crashed significantly to its lowest in over two months at $46.07 million.

The Forex supply recorded on Monday is the lowest recorded since 4th April 2022.

Read also: Naira may face tough week due to new US interest rate policy

Also at the parallel market, information obtained from traders showed the Naira exchanged at N606/$1, from N607/$1 recorded as of the close of trading activities last week Friday.

The peer-to-peer market exchange rate showed Naira depreciated by 0.15% on Tuesday morning, trading at N612.19/$1 compared to N611.3/$ recorded as of the same time on Monday, 20th June 2022.

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