On Wednesday, the 28th of April 2022, The Nigerian naira closed at N418.50/$1 to the dollar at the official Investors and Exporters (I&E) window.
This represents a 0.20% appreciation of the naira currency as compared to the N419.33/$1 it traded for last during the previous trading session.
The FX turnover increased by 77.83 % to $82.56 million on Thursday when compared with the $82.56 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 Wednesday.
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 externalto order to maintain the stability of the local currency.
At the spot market, the Nigerian Naira continued to mount pressure on the British Pound Sterling and the Euro as it appreciated against the Pounds by N5.45 to sell at N517.08/£1, as compared with the previous trading session’s value of N522.53/£1. The Naira gained N3.58 against the Euro to sell at N436.29/€1 compared with the previous day’s exchange rate of N439.87/€1.
Trading at the official (I&E) Window
The naira exchange rate to the US dollar closed at N418.50/$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 N419.33/$1 recorded in the previous trading session.
An opening indicative rate was reported at N 417.23/$1 on Thursday.
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 $146.81 million was traded in the FX at the official Investors and Exporters window on Thursday, representing a significant increase of 77.83% from $82.56 million recorded on the 27th of April 2022.