On Monday, 9th May 2022, the foreign reserves further declined by 0.15% to $39.31billion as of Friday, 6th May, 2022, as compared to the $39.37billion on the 4th May 2022. This decline is attributed to the continuous intervention of the Central Bank in the FX market to ensure stability.
The exchange rate closed at N419/$1 on Monday at the official I&E window, representing a depreciation in the rate by 0.48% from N417/$1 that it traded for in the previous trading session on Friday.
The exchange rate at the parallel market rose to N592/$1 as compared to the previous trading session where it traded for N590/$1. This is according to the information obtained from the BDCs operating in Nigeria.
At the B2B market, the dollar exchange to the naira maintained the same rate on Friday to close at N597/$1, representing a 0.17% depreciation as compared to its previous trade rates last week.
At the Peer-to-Peer market (P2P), the naira traded at N600/$1 in the early hours of Tuesday as compared to the N597/$1 it traded for in the previous week.
However, the FX turnover recorded the lowest in a month as $53.15 million FX exchanged hands on Monday, a decline of about 39.89% when compared to the $88.42 million traded on Friday.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N419/$1 on Monday, 9th May 2022, which depreciated by 0.48% when compared to the previous trading session, where it traded for N417/$1.
The opening indicative rate closed at N417.75$1 on Monday.
An exchange rate of N423/$1 was the highest rate recorded during intra-day trading before it settled at N419/$1, while at its lowest, it sold for N410.84/$1 during the intra-day trade.
A total of $106.50 million was traded at the official FX market on Tuesday.
Forex turnover declined by 39.89% to settle at $53.15 million on Monday, from $88.42 FX traded on Friday, 6th May, 2022.
