RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Currencies

USD Appreciates at I&E Window while the Euro depreciates against the local currency

Rate Captain by Rate Captain
May 9, 2022
in Currencies
Reading Time: 2 mins read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

On Friday, the 6th May 2022, The Nigerian naira closed at N417.00/$1 to the dollar at the official Investors and Exporters (I&E) window.

This represents a 0.48% appreciation of the naira currency as compared to the N419.00/$1 it traded for last during the previous trading session.

AlsoRead

Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

Naira Depreciates Further at the Parallel Market Amidst Foreign Reserves Massive Dip

IMF increases the weight of US dollars and Chinese yuan in the SDR Basket

The FX turnover declined by 18.31% to $88.42million on Friday when compared with the $108.24million traded in the previous trading session.

In the parallel market, the exchange rate closed at a flat rate of N590/$1, retaining the same rate it traded for throughout the week. 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 N590/$1 while they buy at N586/$1, Leaving a gain of N4.

At the B2B market, the dollar exchange rate to the naira closed at N597 on Friday, as it recorded its highest rate, representing a 0.17% depreciation as compared to the N596/$1 it recorded on Tuesday.

Meanwhile, Nigeria’s foreign reserve has recorded a massive decline to stand at $39.43 billion on Wednesday, 4th May 2022, as compared to the $39.58 billion recorded as of the previous trading session, representing a percentage change of about 0.37%. 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.

Also, at the interbank window, the Nigerian Naira appreciated by N2.6 against the Pound Sterling to trade at N513.35/£1 compared to the previously traded rate of N515.95/£1.

Meanwhile, the Naira suffered a 24 kobo loss against the Euro in the same market segment to close at N439.46/€1 compared with the previously quoted rate of N439.22/€1.

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 0.48% when compared to the N419/$1 recorded in the previous trading session.

An opening indicative rate was reported at N 417.90/$1 on Friday.

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 N410.03/$1 during the intra-day trade also.

A total of $88.42 million was traded in the FX at the official Investors and Exporters window on Friday, representing a significant decline of 18.13% from $108.24 million recorded on the 5th May 2022.

Previous Post

Bitcoin plunges over 50% from its peak price of $68,990.90 in November 2021

Next Post

Global Surge in Wheat Prices Moves African Food Producers to source for Cheaper Alternatives

Related News

Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

by Rate Captain
May 20, 2022
0

On Thursday, 19 May 2022, The Nigerian naira closed at N420.33/$1 to the dollar at the official Investors and Exporters...

Naira Depreciates Further at the Parallel Market Amidst Foreign Reserves Massive Dip

by Rate Captain
May 18, 2022
0

On Tuesday, the 17th May 2022, The Nigerian naira closed at N418.50/$1 to the dollar at the official Investors and...

IMF increases the weight of US dollars and Chinese yuan in the SDR Basket

by Rate Captain
May 18, 2022
0

The International Monetary Fund has increased the weighting of the dollar and the Chinese yuan during its review of the...

FX Supply Crisis Weakens the Naira to N421.50/$1 at Official I&E Window

by Rate Captain
May 17, 2022
0

On Monday, the 16th May 2022, The Nigerian naira closed at N421.50/$1 to the dollar at the official Investors and...

Next Post
Global Surge in Wheat Prices Moves African Food Producers to source for Cheaper Alternatives

Global Surge in Wheat Prices Moves African Food Producers to source for Cheaper Alternatives

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

MOMAN Debunks Rumor of Aviation Fuel Selling at N700 per Litre

Oil Marketers, Airlines reach loggerheads over local Aviation Price

May 20, 2022

Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

May 20, 2022

Popular Story

  • Sterling Bank to face sanctions by APCON over provocative Easter Message “Likening Christ resurrection with Agege Bread”

    Sterling Bank to face sanctions by APCON over provocative Easter Message “Likening Christ resurrection with Agege Bread”

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.