Naira falls sharply at official window despite rise in FX liquidity | latest news from nigerian newspapers today

Naira falls sharply at official window despite rise in FX liquidity

The exchange rate between the naira and the US dollar closed at N420/$1 at the official Investors and Exporters (I&E) window, falling by 0.3% from N418.25/$ recorded the previous day.

This represents the lowest level since the 4th of January 2022, when the exchange rate closed at N422/$1 at the I&E Window. Naira fell sharply despite a 38.19% increase in FX liquidity. A sum of $160 million in FX value exchanged hands at the official market on Thursday.

Also, the exchange rate against the US dollar gained 1.45% on Friday morning at the peer-to-peer market, trading at a minimum of N598.5/$1 compared to N607.32/$1 recorded as of the same time the previous day.

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