On Tuesday, the 17th May 2022, The Nigerian naira closed at N418.50/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents an N1.08 appreciation of the naira currency as compared to the N417.42/$1 it traded for in the previous day, and a percentage change of about 0.71%.
The FX trade valued at $105.11 million recorded yesterday showed an increase of about 48.71 percent when compared with the $70.68 million it was valued at in the previous trading session.
In the parallel market, the exchange rate closed at a flat rate of N600/$1, a depreciation of about N1 from the N599/$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 Tuesday as they mentioned that the naira exchanges for N600/$1 while they buy at N596/$1, Leaving a gain of N4.
At the B2B market, the dollar exchange rate to the naira closed at N605/$1 on Tuesday, as it recorded its highest rate, representing a 0.33% depreciation as compared to the N603/$1 it traded for on Monday.
Meanwhile, Nigeria’s foreign reserve has recorded another decline to stand at $38.92 billion on the 16th of May 2022, a percentage change of about 0.23% compared to the $39.01 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 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 N418.50/$1 at the official rate at the official Investors and Exporters (I&E) window representing an appreciation of the naira by 0.71% when compared to the N421.50/$1 recorded in the previous trading session.
An opening indicative rate was reported at N417.42/$1 on Monday.
An exchange rate of N444/$1 was the highest rate recorded during the intra-day trading before it settled at N418.50/$1. While it sold at the lowest for N410/$1 during the intra-day trade also.
A total of $105.11 million was traded in the FX at the official Investors and Exporters window on Tuesday, representing a significant increase of 48.71% from $70.68 million recorded on the 16th of May 2022.