Exchange rate: Naira crashes as CBN intensifies intervention

Exchange rate released on Tuesday shows Naira crashing badly even as CBN continues to intervene, ENigeria Newspaper reports.

At the official Investors and Exporters (I&E) window, the exchange rate acquired by ENigeria Newspaper between the naira and the US dollar closed at N415.1/$1.

On Tuesday, the naira declined by 0.07 percent against the US dollar, closing at N415.1/$1 vs N414.8/$1 in the previous trading session. In the meantime, FX turnover on the official market fell by 10.2 percent to $323.56 million, down from $360.18 million the previous trading session.

The naira, on the other hand, declined against the US dollar on Tuesday, closing at N575/$1, down from an average of N573/$1 the day before. According to information acquired from BDC operators, this is the case.

Nigeria’s foreign reserve fell by 0.12 percent on Monday, December 20th, to finish at $40.32 billion, down from $40.67 billion the day before. The apex bank’s participation in the official currency market is blamed for the country’s ongoing drop in external reserves.

Exchange rate today

Exchange rate at the official NAFEX window
ENigeria Newspaper reports that the Investors and Exporters window exchange rate declined by 0.07 percent on Tuesday, closing at N415.1/$1 vs N414.8/$1 on Monday, December 20, 2021.

On Tuesday, the opening indicative rate closed at N414.11/$1, down 27 kobo from the previous trading session’s N413.84/$1.

During intra-day trading, the highest rate recorded was N444/$1 before settling at N415.1/$1, and it traded for as low as N404/$1 before settling at N415.1/$1.
On Tuesday, December 21, 2021, forex turnover at the official window fell by 10.2 percent to $323.56 million.

Forex turnover at the I&E window decreased from $360.18 million on Monday 20th December 2021 to $323.56 million on Tuesday 21st December 2021, according to statistics tracked by ENigeria Newspaper from the FMDQ.