On Tuesday, 5th April 2022, the foreign reserves rose further by 0.08% from US$39.538billion recorded on the 1st April 2022 to US$39.569billion on the 4th April 2022. This increase is attributed to the continuous increase in the price of the crude oil in the global market.
The exchange rate closed at N416.83/$1 at the official I&E window, representing a depreciation in the rate by 0.05% from N416.63/$1 that it traded for in the previous trading session on Monday.
The exchange rate at the parallel market maintained the same rate at N588/$1 as compared to the previous day trade on Monday. This is according to the information obtained from the BDC operating in Nigeria.
At the Peer-to-Peer market (P2P), the naira traded at a minimum of N585/$1 in the early hour of Thursday which is the same rate as it traded for on Tuesday.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416.83/$1 on Tuesday, 5th April 2022, which depreciated by 0.05% when compared to the previous trading session, where I traded for N416.63/$1.
The opening indicative rate closed at N415.92/$1 on Tuesday.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N417/$1, while at its lowest, it sold for N410/$1 during the intra-day trade.
A total of $106.50 million was traded at the official FX market on Tuesday.
Forex turnover increased from $73.31million on the 1st April 2022 to $106.50million on Tuesday, 5th April 2022.