Truetells Nigeria reports that 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.
Naira gained against the US dollar on Friday to its highest level during the week to close at N416/$1, representing a 0.08% appreciation compared to N416.33/$1 recorded in the previous trading session, indicating a year-to-date average rate of N416.62/$1.
Similarly, exchange rate at the Peer-to-Peer (P2P) market appreciated significantly to its highest level in over three weeks, trading at N570/$1 in the early hours of Monday 31st January 2022.
Forex turnover at the official market decreased by 28.5% to $81.29 million as opposed to the $113.71 million recorded in the previous trading session. This represents the lowest turnover at the official FX market in over two weeks.
The exchange rate at the Investors and Exporters window closed at N416/$1 on Friday, 28th January 2022, which represents a 0.08% appreciation compared to N416.33/$1 recorded in the previous trading session
The local currency opened at N570.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 31 January 2022, in Lagos Nigeria, after it closed N570.00 per $1 on Sunday, 30 January 2022.
Even though the dollar to naira opened in the parallel market at ₦570 per $1 today, Truetells Nigeria reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Truetells Nigeria reports that at the black market, the players buy a dollar for N565 and sell for N570 on Monday morning, January 31, 2022 after they bought N565 and sold for N570 on Sunday morning, January 30.
Meanwhile, Truetells Nigeria reports that the USD started this week at ₦570 in Parallel Market also known as Black Market on Monday, January 31, 2022 in Lagos Nigeria, same amount it opened at last week Monday, January 24, 2021.
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