Exchange Rate remains stable as Russia-Ukraine war triggers fear of Naira depreciation

Exchange Rate remains stable as Russia-Ukraine war triggers fear of Naira depreciation

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.

The exchange rate at the I&E window remained stable on Tuesday to close at N416.67/$1, despite a 51.32% increase in forex turnover to $121.5 million. A sum of $201.86 million has been traded in the official Investors and Exporters window so far this week

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Meanwhile, the exchange rate at the parallel market gained marginally on Tuesday to close at N579/$1, representing a 0.17% appreciation compared to N580/$1 recorded in the previous trading session.

On the other hand, the exchange rate at the Peer-to-Peer (P2P) forex market depreciated by 0.49% to trade at a minimum of N575.46/$1 in the early hours on Wednesday, 2nd March 2022 compared to N572.6/$1

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Disclaimer: GoldenNewsNg does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.