Naira Closes at N422.5/$1

The exchange rate between the naira and the US dollar closed at N422.5/$1 at the Investors and Exporters window.

Naira recorded a massive depreciation on Thursday, falling by 0.54% to close at N422.5/$1 compared to N420.25/$1 recorded in the previous trading session.

This is the lowest level of the exchange rate since 4th January 2022. However, foreign exchange supply in the market increased by 86.09% to $153.71 million.