Forex Turnover At IE Window Falls By 51% In January 2022

The $2.18 billion forex turnover in January, however, represents a 90.3% increase compared to the $1.15 billion recorded in the corresponding period of 2021.
However, the official exchange rate appreciated by 4.5% to close the month of January at N415.33/$1 as opposed to N435 to a dollar recorded as of the end of December 2021.
In 2020, Nigeria has endured FX shortages since the COVID-19 pandemic struck, leading to multiple devaluations of the local currencies while the Central Bank of Nigeria continues to intervene in the official market.
Nevertheless, Nigeria was able to raise $4 billion in 2021 through the issuance of Eurobond, which increased the country’s foreign reserve above the $40 billion threshold in October 2021, reaching a high of $41.83 billion as of 29th October 2021 before sliding downwards to $40.12 billion as of January 28, 2022.
Nigeria has been unable to regenerate its forex earnings through the sales of crude oil products, which accounts for about 90% of foreign exchange income, as a result of the inability to increase production quota despite the rally at the global market.