Naira Ends 2022 on a Positive Across All Foreign Exchange Markets After Months of Devaluation
- Nigerian currency the Naira has ended 2022 at the official forex exchange market on a positive note against the US dollar
- The last 12 months have been a very difficult one for the naira against other foreign currencies
- Naira recorded four straight days of losses and dropped to a record low of N461 to the dollar
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The Naira closed the final session for the year 2022 on a stronger foot at the Peer-2-Peer (P2P), the black market, and the Investors and Exporters (I&E) windows of the foreign exchange (forex) market on Friday, December 30, 2022
Data from FMDQ Securities Exchange shows that naira at the I&E window or the spot market appreciated against the dollar by 17 Kobo or 0.04 per cent to trade at N461.50/$1 compared with the previous day’s 461.67/$1,
This means that the Naira will be closing the year on a positive at the official market after a tough 12 months.
Source: Getty Images
Peer to Peer exchange rate
It was also good news for the Naira against the dollar at the peer-to-peer market, mostly used by crypto traders and Nigerians engaged in online dollar transactions.
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Checks by Legit.ng show that Naira gained N12 at the P2P market on Friday, 30 December 2023 as buyers and sellers exchanged it at an aggregate rate of N753/$1, in contrast to the N765/$1 it was traded at the preceding session.
Black market rate
In the parallel market or black market, the naira gained N3 against the United States currency to quote at N739/$1, in contrast to the previous day's exchange rate of N742/$1.
For Nigerians with dollars to sell Naira rates reports exchanged it at N729 to a dollar on Friday, 30 December 2022.
Some of the traders who spoke to Legit.ng confirmed that the low demand for the dollar is the reason the naira made gains.
German embassy releases update on naira payment for visa
Meanwhile, in another report, the German embassy in Nigeria has announced changes in the use of naira to pay for its services.
The change is in consonance with the Central Bank of Nigeria naira notes redesigning policy.
The CBN redesigned 200, 500, and 1000 and expects Nigerians to return all old banknotes by the end of January 2023.
Source: Legit.ng
