BREAKING: See Dollar Exchange Rate Today As Naira Falls At Official Market

Naira has fallen at official and P2P Markets with new exchange rate emerging.

News Rain Nigeria reports that the exchange rate between the naira and the US dollar closed at N416.67/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

This online news platform understands that Naira retracted as it depreciated by 0.16% against the US dollar to close at N416.67/$1 compared to N416/$1 recorded in the previous trading session.

Demand for dollar at the official window has witnessed consecutive declines in the past 3 trading sessions.

BREAKING: See Dollar Exchange Rate Today As Naira Falls At Official Market

In the same vein, the exchange rate started downwards at the Peer-to-Peer (P2P) forex market, trading at a minimum of N576 to a dollar on Tuesday morning.

This represents a 0.16% depreciation compared to N575.1/$1 recorded on Monday, 12th February 2022.

On the other hand, Naira remained flat at the parallel market, trading at N570/$1 on Monday, 14th February 2022.

This is according to information obtained from BDC operators by Nairametrics.

Also, Nigeria’s external reserve dropped further on Friday, 11th February 2022 to close at $39.85 billion. Representing a 0.06% decline compared to $39.87 billion recorded as of the previous day.

The reserve continues despite the upward trend in the price of crude oil, already trading above $95 per barrel and edging closer to hitting the $100 per barrel mark.