On Wednesday, 13th April 2022, The Nigerian naira closed at N416.67/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents an N0.05 depreciation of the naira currency as compared to the N416.62/$1 it traded for in the previous day, and a percentage change of about 0.01%. The FX turnover also rose by 10.54% to $113.72 million on Wednesday.
In the parallel market, the exchange rate closed at a flat rate of N591/$1, a depreciation of about N2 from the N589/$1 it traded for on 11th 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 N591/$1 while they buy at N586/$1, Leaving a gain of N5.
Meanwhile, Nigeria’s foreign reserve has recorded another daily gain to stand at $39.713 billion on the 12th of April 2022, a percentage change of about 0.02% compared to the $39.704 billion recorded on the previous day. 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 N416.67/$1 at the official rate at the official Investors and Exporters (I&E) window representing a depreciation of the naira by 0.01% when compared to the N416.62/$1 recorded in the previous trading session.
An opening indicative rate reported at N 416.17/$1 on Wednesday.
An exchange rate of N444/$1 was the highest rate recorded during the intra-day trading before it settled at N416.67/$1. While it sold at the lowest for N410/$1 during the intra-day trade also.
A total of $113.72 million was traded in the FX at the official Investors and Exporters window on Wednesday, representing a significant decrease of 10.54% from $127.12million recorded on the 11th April 2022.
