SAT, 30 JULY, 2022-theGBJournal| This week, Nigeria’s FX reserve recorded its first decline in eight weeks, as it fell by USD169.21 million w/w to USD39.22 billion (28 July).
Across the FX windows, the naira appreciated by 0.2% to NGN429.00/USD at the I&E window (IEW) but depreciated significantly by 13.0% to NGN715.00/USD at the parallel market. Pound to Naira at the parallel market Friday traded between N790 and N810 with average of N796.6.
At the I&E window, total turnover (as of 28 Jul 2022) fell by 53.1% WTD to USD403.64 million, with trades consummated within the NGN410.00 – 444.00/USD band. In the Forwards market, the rate weakened at the 1-month (-0.2% to NGN428.04/USD), 3-month (-0.1% to NGN435.75/USD), 6-Month (-0.2% to NGN448.87/USD) and 1-year (-0.3% to NGN473.02/USD) contracts.
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