On Wednesday, the 20th April 2022, The Nigerian naira closed at N418.33/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents a 0.32% depreciation of the naira currency as compared to the N417/$1 it traded for last during the previous trading session.
The FX turnover also declined by 2.81% to $151.07 million on Wednesday when compared with the $155.44 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 for on 14th April 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 N588/$1 while they buy at N583/$1, Leaving a gain of N5.
At the P2P market, the dollar exchange rate to the naira remained unchaged on Wednesday, as it recorded its highest rate of N591/$1, representing a 0.17% depreciation as compared to the N590/$1 recorded on Thursday, 14th April 2022.
Meanwhile, Nigeria’s foreign reserve has recorded another daily gain to stand at $39.78 billion on Tuesday, 19th April 2022 as compared to the $39.74 billion recorded as of the previous day, recording a percentage change of about 0.12%. 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 N418.33/$1 at the official rate at the official Investors and Exporters (I&E) window representing an depreciation of the naira by 0.32% when compared to the N417/$1 recorded in the previous trading session.
An opening indicative rate reported at N 418.25/$1 on Wednesday.
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 $151.07 million was traded in the FX at the official Investors and Exporters window on Wednesday, representing a significant decline of 2.81% from $155.44 million recorded on the 19th April 2022.
