Naira appreciated against the US dollar on Wednesday with a 0.16% gain to close at N416/$1 compared to N416.67/$1 recorded as of the close of trading activities on Tuesday, 8th February 2022. Also, forex turnover at the official market surged by 129.27% to $170.94 million.

On the other hand, Naira fell by 0.7% at the parallel market on Wednesday 9th February 2022, to close at N573/$1 compared to N569/$1 recorded in the previous trading session.

The exchange rate between the naira and the US dollar closed at N416/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Meanwhile, the exchange rate appreciated marginally at the Peer-to-Peer (P2P) forex market, trading at a minimum of N574 to a dollar on Thursday morning. This represents a 0.03% uptick as opposed to N574.17/$ recorded in the previous trading session.

Nigeria’s foreign reserve continued with a downtrend having reduced by 0.06% to close at $39.92 billion as of Tuesday, 8th February 2022.