Naira gains at P2P market as Nigeria's external reserve dips further – Nairametrics


Wednesday, 2nd February 2022: The exchange rate between the naira and the US dollar closed at N416.25/$1 at the official Investors and Exporters (I&E) window.

Naira fell against the US dollar for the second day in a row on Wednesday with a 0.12% depreciation to close at N416.25/$1 compared to N415.75/$1 recorded as of the close of trading activities on Tuesday, 1st February 2022.

On the other hand, the exchange rate at the Peer-to-Peer (P2P) market appreciated to its highest level in a month to trade at N569.9/$1 on Thursday morning compared to N570/$1 recorded in the previous day.


Forex turnover at the official market dropped by 38.3% to $102.07 million compared to $165.3 million recorded in the previous trading session.

  • On the other hand, the exchange rate appreciated by 0.02% at the P2P market on Thursday morning, trading at a minimum of N569.9/$1 compared to N570/$1 recorded on Wednesday morning.
  • This is the lowest rate recorded at the P2P market since
  • Naira closed flat at N568/$1 at the parallel market, the same as recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.
  • Nigeria’s foreign reserve declined by $80.55 million on Monday to close at $40.04 billion as of 31st January 2022, representing a 0.2% decline compared to $40.12 billion recorded as of 28th January 2022. This means that the external reserve declined by $481.4 million in January 2022.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416/$1 on Wednesday, 2nd February 2022, which represents a 0.12% depreciation compared to N415.75/$1 recorded in the previous trading session

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  • The opening indicative rate closed at N415.5/$1 on Wednesday, which represents 32 kobo depreciation compared to N415.18/$1 recorded in the previous trading session.
  • An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.25/$1, while it sold for as low as N408/$1 during intra-day trading.
  • Forex turnover at the official window decreased by 38.3% to $102.07 million on Wednesday, 2nd February 2022.
  • According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window declined from $165.3 million recorded on Tuesday 2nd February 2022 to $102.07 million on Wednesday 3rd January 2022.

Cryptocurrency watch

The crypto market started the day with a marginal decline of 0.08% to stand $1.679 trillion in markek capitalization, with Ethereum recording a decline of 0.65% to trade at $2,665.36.

However, the most valuable crypto asset, bitcoin gained 0.22% to trade at $37,023.29 edging closer to the $40k threshold. Meanwhile, Solana dipped by 3.01% gain to trade at $98.9025. Tera on the other hand gained 1.58% on Thursday morning to trade at $48.3 while Uniswap recorded a 1.04% downturn to trade at $10.42.

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