On Thursday, 19 May 2022, The Nigerian naira closed at N420.33/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents an N1.08 depreciation of the naira currency as compared to the N419.25/$1 it traded for the previous day and a percentage change of about 0.26%.
The FX trade was valued at $75.56 million yesterday showing a decline of about 62.47 percent when compared with the $201.34 million it was valued at in the previous trading session.
In the parallel market, the exchange rate closed at a flat rate of N604/$1, a depreciation of about N4 from the N600/$1 it traded for on 17th May 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 N604/$1 while they buy at N601/$1, Leaving a gain of N4.
At the B2B market, the dollar exchange rate to the naira closed at N610/$1 on Thursday, as it recorded its highest rate, representing a 0.66% depreciation as compared to the N606/$1 it traded for on Wednesday.
Meanwhile, Nigeria’s foreign reserve has recorded another decline to stand at $38.84 billion on the 18th of May 2022, a percentage change of about 0.10% compared to the $38.88 billion recorded during the previous trading session. However, the Central Bank of Nigeria (CBN) has constantly intervened in the official forex market from the external reserve to maintain the stability of the local currency.
However, at the interbank segment of the FX market, the naira closed stronger against the Pound Sterling by 38 kobo to trade at N516.49/£1, as against the N516.87/£1 traded during the previous trading session.
While, for the Euro, the local currency gained 37 kobo to sell at N437.48/€1, as compared to the rate of N437.11/€1 that was prevalent the previous day.
Trading at the official (I&E) Window
The naira exchange rate to the US dollar closed at N420.33/$1 at the official rate at the official Investors and Exporters (I&E) window representing a depreciation of the naira by 0.26% when compared to the N419.25/$1 recorded in the previous trading session.
An opening indicative rate was reported at N417.70/$1 on Thursday.
An exchange rate of N444/$1 was the highest rate recorded during the intra-day trading before it settled at N420.33/$1. While it sold at the lowest for N410/$1 during the intra-day trade also.
A total of $75.56 million was traded in the FX at the official Investors and Exporters window on Thursday, representing a significant increase of 62.47% from $201.34 million recorded on the 18th of May 2022.