Naira Strengthens Against Dollar In P2P And Official Markets

At the Investors and Exporters (I&E) window, where forex is officially traded, the exchange rate between the naira and the US dollar closed at N416/$1.

The naira strengthened against the US dollar on Friday, closing at N416/$1, up 0.08% from N416.33/$1 in the previous trading session, implying a year-to-date average rate of N416.62/$1.

Similarly, the exchange rate on the Peer-to-Peer (P2P) market increased significantly to its highest level in over three weeks on Monday 31st January 2022, trading at N570/$1.

The official market’s forex turnover decreased by 28.5% to $81.29 million from $113.71 million in the previous trading session. This is the lowest turnover in over two weeks on the official foreign exchange market.

In contrast, the exchange rate increased by 1.687% on Monday morning in the P2P market, trading at a minimum of N570/$1, down from N579.78/$1 on Friday morning.

At the parallel market, the naira closed unchanged at N568/$1, the same level as in the previous trading.

sessionNigeria’s foreign reserves fell by $32.7 million on Thursday to $40.15 billion as of 27th January 2022, a 0.08 percent decrease from $40.18 billion as of 26th January 2022.