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Naira Falls at Official and Black Market Amidst Festive Season Inflations.

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As the most festive time of the peaks, Naira exchange rate as at 22 December against the US dollar closed at N415.1/$1 at the official Investors and Exporters (I&E) window.

Naira depreciated by 0.07% against the US dollar on Tuesday to close at N415.1/$1 compared to N414.8/$1 recorded in the previous trading session. Meanwhile, forex turnover at the official market recorded a marginal decline of 10.2% to $323.56 million from $360.18 million recorded in the previous trading session., naira depreciated against the US dollar on Tuesday to close at N575/$1, from an average of N573/$1 recorded in the previous day. This is according to information obtained from BDC operators interviewed by Nairametrics.

On the parallel market, naira depreciated against the US dollar on Tuesday to close at N575/$1, from an average of N573/$1 recorded in the previous day according to information gathered by Diutocoinnews from Bureau de change operators.

Nigeria’s foreign reserve reduced by 0.12% on Monday, 20th December to close at $40.32 billion compared to $40.67 billion recorded as of the previous day. The continuous decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official forex market.

The exchange rate at the Investors and Exporters window depreciated by 0.07% to close at N415.1/$1 on Tuesday, compared to N414.8/$1 recorded on Monday, 20th December 2021.

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