The naira depreciated against the dollar at the parallel market yesterday by 0.66%.
The naira on Thursday exchanged N611/$1 from N607/$1 it recorded at the previous trading session at the parallel market, according to Nairametrics.
However, the naira and the US dollar closed at N420/$1 at the Investors and Exporters (I&E) window.
Naira gained against the US dollar on Thursday, reaching its highest level in the week to close at N420.17/$1, representing a 0.08% appreciation compared to N420.5/$1 recorded in the previous trading session.
This is according to information from the website the FMDQ Exchange.
A total of $201.81 million in FX value was traded on Thursday as against the $71.99 million that was traded in the previous day, representing a 180.33% increase.
Meanwhile, the exchange rate at the peer-to-peer market remained stable, trading at N612.59 to a dollar on Friday morning, representing a 0.04% depreciation compared to N612.85/$1 recorded as of the same time on Thursday.
Nigeria’s external reserves increased by 0.08% on Wednesday, 22nd June 2022 to stand at $38.85 billion from $38.82 billion recorded the previous day. This represents the 11th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.