The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the foreign exchange market rose sharply by 152 per cent, Year-on-Year (YoY), to $2.16 billion in January 2022 from $906.44 million in January 2021.
Analysis of weekly turnover in the window for January 2022 showed that $337.65 million was traded in the first week of January.
Turnover rose by 91 per cent to $645.44 million in the second week and down by 9.2 per cent to $585.86 million in the third week
The downward trend continued in the fourth week as turnover fell by 15 per cent to $495 million. Turnover stood at $95.07 million on the last day of the fifth week.
Meanwhile, the naira appreciated by 67 kobo during the period as the indicative exchange rate of the window fell to N415.33 kobo per dollar on January 31st from N416 per dollar on January 5th.
Similarly, the naira appreciated by N5 in the parallel market
Analysis of data from black market traders showed that the indicative exchange rate fell to N570 per dollar on January 31st from N575 per dollar on January 1st, 2022.
However, analysts in the financial sector of the economy have projected further currency adjustment in 2022 due to external imbalances and tepid inflows.