On Thursday, the 5th May 2022, The Nigerian naira closed at N419.00/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents a 0.24% appreciation of the naira currency as compared to the N418/$1 it traded for last during the previous trading session.
The FX turnover declined by 33.47% to $108.24 million on Thursday when compared with the $162.7 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 Thursday 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 N597 on Thursday, 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.
However, it was a different outcome in the interbank segment of the market, where the local currency appreciated against the British Pounds on Thursday by N4.o3 to trade N515.95/£1 compared to the previously traded rate of N519.98/£1.
Meanwhile, the Naira suffered an N1.36 loss against the Euro in the same market segment to wrap the day at N439.22//€1in comparison to the preceding session’s N4137.86/€1.
Trading at the official (I&E) Window
The naira exchange rate to the US dollar closed at N419/$1 at the official rate at the official Investors and Exporters (I&E) window representing an appreciation of the naira by 0.24% when compared to the N418/$1 recorded in the previous trading session.
An opening indicative rate was reported at N 417.40/$1 on Thursday.
An exchange rate of N444/$1 was the highest rate recorded during the intra-day trading before it settled at N419/$1. While it sold at the lowest for N410/$1 during the intra-day trade also.
A total of $108.24 million was traded in the FX at the official Investors and Exporters window on Thursday, representing a significant decline of 33.47% from $162.7 million recorded on the 4th May 2022.