Sun. Jun 16th, 2024

Naira Drops To 581 To A Dollar At P2P Market.

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Naira loses at the Peer-to-Peer (P2P) market on Friday to trade at N581.2/$1, representing a 1.1% depreciation compared to N575/$1 that it had maintained in the previous three trading sessions.

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The exchange rate between the naira and the US dollar closed at N416.67/$1 at the official Investors and Exporters (I&E) window.

The exchange rate at the I&E window depreciated further by 0.04% on Thursday to close at N416.67 to a dollar compared to the N416.5/$1 recorded in the previous day. Recall that the exchange rate had depreciated in the previous trading session by 0.12% from N416/$1.

On the other hand, the exchange rate at the parallel market gained by 0.52% to close at N577/$1 from N580/$1 recorded on Wednesday, 9th March 2022. This is according to information obtained from BDC operators.

The exchange rate at the Investors and Exporters window closed at N416.5/$1 on Wednesday, 9th March 2022, a 0.12% depreciation from N416 to a dollar recorded on Tuesday.

The opening indicative rate closed at N416.1/$1 on Thursday, representing an 11 kobo appreciation compared to the N416.21/$1 recorded on Wednesday, 9th March 2022.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.67/$1, while it sold for as low as N410/$1 during intra-day trading.

It is worth noting that information on the daily forex turnover at the Investors and Exporters window has not been available on the official exchange rate source (FMDQ).

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