On Monday, the 25th April 2022, The Nigerian naira closed at N417.30/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents a 0.25% appreciation of the naira currency as compared to the N418.33/$1 it traded for last during the previous trading session.
The FX turnover increased by 72.18% to $291.09 million on Monday when compared with the $169.06 million traded in the previous trading session.
In the parallel market, the exchange rate closed at a flat rate of N590/$1, a depreciation of about N1 from the N589/$1 it traded form last week. This information was gathered from the Bureau De Change operators (BDCs) popularly referred to as the “abokis” in Lagos on Monday as they mentioned that the naira exchanges for N590/$1 while they buy at N584/$1, Leaving a gain of N6.
At the B2B market, the dollar exchange rate to the naira closed at N595 on Monday, as it recorded its highest rate, representing a 0.68% depreciation as compared to the N591/$1 recorded last week.
Meanwhile, Nigeria’s foreign reserve has recorded a slight decline to stand at $39.80 billion on Friday, 22nd April 2022, as compared to the $39.81 billion recorded as of the previous day, representing a percentage change of about 0.025%. 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 N417.30/$1 at the official rate at the official Investors and Exporters (I&E) window representing an appreciation of the naira by 0.25% when compared to the N418.33/$1 recorded in the previous trading session.
An opening indicative rate reported at N 416.92/$1 on Monday.
An exchange rate of N444/$1 was the highest rate recorded during the intra-day trading before it settled at N417/$1. While it sold at the lowest for N410/$1 during the intra-day trade also.
A total of $291.09 million was traded in the FX at the official Investors and Exporters window on Monday, representing a significant increase of 72.18% from $169.06 million recorded on the 25th April 2022.
