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.
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.