On Tuesday, the 29th March 2022, The Nigerian naira closed at N417/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents a N0.75 depreciation of the naira currency as compared to the N416.25/$1 it traded for in the previous day, and a percentage change of about 0.12%. The FX turnover also fell by 5.15% to $97.91 million on Tuesday.
In the parallel market, the exchange rate closed at a flat rate of N587/$1, same as the previous trading session but a depreciation of about N0.01 from the N586/$1 it traded for on 24 March 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 N587/$1 while they buy at N582/$1, Leaving a gain of N5.
Meanwhile, Nigeria’s foreign reserve has recorded a third consecutively daily gain to stand at $39.549 billion compared to the $39.528 billion and $39.529 billion recorded consecutively on the previous days. 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 N417/$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 N416.25/$1 recorded in the previous trading session.
An opening indicative rate reported at N 416.25/$1 on Tuesday, representing a 1 kobo appreciation compared to the N416.25/$1 recorded on Monday.
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 $97.91 million was traded in the FX at the official Investors and Exporters window on Tuesday, representing a significant decline by 5.15% from $202.06 million recorded on Monday, 28th March 2022.