On Tuesday, the 19th April 2022, The Nigerian naira closed at N417/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents a 0.12% appreciation of the naira currency after the long Easter holiday as compared to the N417.5/$1 it traded for last week Thursday.
The FX turnover also declined by 20.81% to $155.44 million on Tuesday when compared with the $196.28million traded in the previous trading session.
In the parallel market, the exchange rate closed at a flat rate of N590/$1, a depreciation of about N1 from the N589/$1 it traded for on 14th 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 N588/$1 while they buy at N583/$1, Leaving a gain of N5.
At the B2B market, the dollar fell further against the naira on Tuesday, as it recorded its highest rate of N591/$1, representing a 0.17% depreciation as compared to the N590/$1 recorded on Thursday, 14th April 2022.
Meanwhile, Nigeria’s foreign reserve has recorded another daily gain to stand at 39.74 billion on Thursday, 14th April 2022 as compared to the $39.73billion recorded as of the previous day, recording a percentage change of about 0.02%. 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 an appreciation of the naira by 0.12% when compared to the N417.5/$1 recorded in the previous trading session.
An opening indicative rate reported at N 417.45/$1 on Tuesday.
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 $155.44 million was traded in the FX at the official Investors and Exporters window on Tuesday, representing a significant decline of 20.81% from $196.28illion recorded on the 14th April 2022.
