On Tuesday, 10th May 2022, the foreign reserves further declined by 0.15% to $39.16 billion as of Monday, 9th May, 2022, as compared to the $39.31billion on the 6th 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 N418.25/$1 on Tuesday at the official I&E window, representing an appreciation in the rate by 0.18% from N419/$1 that it traded for in the previous trading session on Monday.
The exchange rate at the parallel market rose to N594/$1 as compared to the previous trading session where it traded for N592/$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.
However, the FX turnover recorded $243.54 million on Tuesday, an increase of over 300% when compared to the $53.15 million it traded on Monday.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N418.25/$1 on Tuesday, 10th May 2022, which appreciated by 0.18% when compared to the previous trading session, where it traded for N419/$1.
The opening indicative rate closed at N417.70$1 on Tuesday.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N419/$1, while at its lowest, it sold for N412/$1 during the intra-day trade.
A total of $234.54 million was traded at the official FX market on Tuesday.
Forex turnover increased by 358% to settle at $234.54 million on Tuesday, from $53.15 million FX traded on Tuesday, 10th May, 2022.