On Wednesday, the 27th of April 2022, The Nigerian naira closed at N419.33/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents a 0.20% depreciation of the naira currency as compared to the N418.50/$1 it traded for last during the previous trading session.
The FX turnover decreased by 24.55% to $82.56 million on Wednesday when compared with the $109.43 million 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 last week. This information was gathered from the Bureau De Change operators (BDCs) popularly referred to as the “abokis” in Lagos on Wednesday as they mentioned that the naira exchanges for N590/$1 while they buy at N585/$1, Leaving a gain of N5.
At the B2B market, the dollar exchange rate to the naira closed at N596 on Wednesday, as it recorded its highest rate, representing a 0.17% depreciation as compared to the N594/$1 it recorded on Monday.
The usual shortage in the supply of FX to the market contributed to the depreciation of the local currency against its American counterpart yesterday as traders continue to ration the hard currency to the frustration of their customers, who have to go elsewhere, including the black market to source Dollar for their transactions.
Meanwhile, Nigeria’s foreign reserve has recorded a massive decline to stand at $39.71 billion on Monday, 25th April 2022, as compared to the $39.80 billion recorded as of the previous trading session, representing a percentage change of about 0.22%. 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.
At the spot market, the domestic currency appreciated against the Pound Sterling by N5.15 to trade at N522.53/£1 compared to the previously traded rate of N527.68/£1 and maintained the same trend against the Euro by chalking up N4.17 to finish at N439.87/€1 as compared to Tuesday’s value of N444.04/€1.
Trading at the official (I&E) Window
The naira exchange rate to the US dollar closed at N419.33/$1 at the official rate at the official Investors and Exporters (I&E) window representing an appreciation of the naira by 0.20% when compared to the N418.50/$1 recorded in the previous trading session.
An opening indicative rate was reported at N 418.38/$1 on Wednesday.
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 $82.56 million was traded in the FX at the official Investors and Exporters window on Wednesday, representing a significant increase of 24.55% from $109.43 million recorded on the 26th of April 2022.
