On Thursday, the 31st March 2022, The Nigerian naira closed at N416.17/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents a N0.83 appreciation of the naira currency as compared to the N417/$1 it traded for in the previous day, and a percentage change of about 0.20%. The FX turnover also rose by 42.9% to $139.92million on Thursday from $97.91 on Tuesday.
In the parallel market, the exchange rate closed at a flat rate of N588/$1, a depreciation of about N0.01 from the N587/$1 it traded for on 30th March 2022. This information was gathered from the Bureau De Change operators (BDCs) popularly referred to as the “abokis” in Lagos on Thursday as they mentioned that the naira exchanges for N588/$1 while they buy at N583/$1, Leaving a gain of N5.
Meanwhile, Nigeria’s foreign reserve has recorded a consecutively daily gain to stand at $39.551 billion compared to the $39.549 billion on the previous day. However, the Central Bank of Nigeria (CBN) has constantly intervened in the official forex market from the external reserve in order to maintain the stability of the local currency.
Trading at the official (I&E) Window
The naira exchange rate to the US dollar closed at N416.17/$1 at the official rate at the official Investors and Exporters (I&E) window representing a depreciation of the naira by 0.20% when compared to the N417/$1 recorded in the previous trading session.
An opening indicative rate reported at N 415.78/$1 on Tuesday, representing a N0.47 appreciation compared to the N416.25/$1 recorded on Tuesday.
An exchange rate of N444/$1 was the highest rate recorded during the intra-day trading before it settled at N416.17/$1. While it sold at the lowest for N410/$1 during the intra-day trade also.
A total of $139.92 million was traded in the FX at the official Investors and Exporters window on Thursday, representing a significant increase by 42.9% from $97.91 million recorded on Tuesday, 29th March 2022.