Breaking: Naira depreciates at black market despite improved demand at I&E window – See Exchange Rate

Naira depreciates at black market despite improved demand at I&E window – See Exchange Rate

GoldenNewsNg gathered that the exchange rate between the naira and the US dollar closed at N416.67/$1 at the official Investors and Exporters (I&E) window, representing the first positive movement in the official market in the past four trading sessions.

The exchange rate at the I&E window appreciated marginally by 0.02% to close at N416.67/$1 on Monday, 21st February 2022 compared to N416.75/$1 recorded in the previous trading session.

Meanwhile, a total of $141.31 million in FX value exchanged hands on Monday, representing more than double the $64.03 million traded in the previous session

On the other hand, Naira depreciated marginally by 0.17% to close at $576/$1 on Monday, 21st February 2022 compared to N575/$1 recorded on Friday, 18th February 2022. This is according to information obtained from BDC operators

The exchange rate at the Peer-to-Peer (P2P) forex market depreciated by 0.18% to trade at a minimum of N582.05 to a dollar on Tuesday morning compared to N581/$1 recorded on Monday, 21st February 2022.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.67/$1 on Monday, 21st February 2022, representing a 0.02% gain compared to N416.75/$1 recorded in the previous trading session.

• It is worth noting that this is the first upward movement for the local currency in the past four trading sessions at the official FX market.
• The opening indicative rate closed at N415.9/$11 on Monday. This represents a 5 kobo depreciation compared to the N415.85/$1 recorded on Friday, 18th February 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,
• Meanwhile, forex turnover at the official window surged by 120.69% to $141.31 million on Monday, 21st February 2022.
• According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased to $141.31 million on Monday from $64.03 million recorded on Friday18th February 2022.

Currency In Circulation Hits ₦3.33trn In 2021- CBN

The Central Bank of Nigeria (CBN) has disclosed that the total Currency in Circulation (CIC) in the country in 2021 was ₦3.33 trillion.

Naija News reports that the country’s apex bank made this known in its money and credit report published on its website over the weekend.

The CBN said the all-time high increase represents a ₦418 billion increase compared to ₦2.91 trillion as of December 2020 and also a 19.06 percent rise from ₦2.44 trillion in 2019.

According to the apex bank, the growth in the total currency in circulation reflected the continued dominance of cash in the economy, adding that a greater proportion was in higher denomination banknotes.