On Wednesday, the 11th of May 2022, The Nigerian naira closed at N418.75/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents a 0.12% depreciation of the naira currency as compared to the N418.25/$1 it traded for last during the previous trading session.
The FX turnover declined by 52.46% to $115.78million on Wednesday when compared with the $243.54 million traded in the previous trading session.
In the parallel market, the exchange rate closed at a flat rate of N595/$1, an increase of N1 from the N594/$1 it traded for on Tuesday. 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 N595/$1 while they buy at N592/$1, Leaving a gain of N3.
At the B2B market, the dollar exchange rate to the naira closed at near N600/$1 on Wednesday, as it recorded its highest rate.
Meanwhile, Nigeria’s foreign reserve has recorded a massive decline to stand at $39.16 billion on Monday, 9th May 2022, as compared to the $39.31 billion recorded as of the previous trading session, representing a percentage change of about 0.15%. 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.
Trading at the official (I&E) Window
The naira exchange rate to the US dollar closed at N418.75/$1 at the official rate at the official Investors and Exporters (I&E) window representing a depreciation of the naira by 0.12% when compared to the N418.25/$1 recorded in the previous trading session.
An opening indicative rate was reported at N 417.70/$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 $115.78 million was traded in the FX at the official Investors and Exporters window on Wednesday, representing a significant decline of 52.46% from $243.54 million recorded on the 10th of May 2022.