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Dollar against Naira surge as exchange rate hit highest level

The exchange rate between the naira and the US dollar closed at N417/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira recorded a marginal gain against the US dollar on Tuesday, after the long Easter holiday, appreciating by 0.12% to close at N417/$1, compared to N417.5/$1 recorded as of the close of trading activities last week Thursday.

However, a sum of $155.44 million exchanged hands on Tuesday, which is 20.81% lower than the $196.28 million traded in the previous trading session.

The exchange rate at the peer-to-peer market fell further to N591.1/$1 on Tuesday morning, representing the highest rate recorded since we started tracking the market. It also represents a 0.19% depreciation compared to N590/$1 recorded on Thursday, 14th April 2022.

In the same vein, the exchange rate at the parallel market closed at N589/$1, on Thursday, declining by 0.17% compared to N588/$1 traded last week Wednesday. This is according to information obtained from BDCs operating in Nigeria.

Meanwhile, Nigeria’s foreign reserve continue to improve on the back of bullish crude oil price. External reserve gained 0.02% on Thursday, 14th April 2022 to stand at $39.74 billion compared to $39.73 billion recorded as of the previous day. The Central Bank has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N417/$1 on Tuesday, 19th April 2022, representing a 0.12% appreciation compared to N417.5/$1 recorded in the previous trading session.

The opening indicative rate closed at N417.45/$1 on Tuesday, 19th April 2022, which is 5 kobo higher than the N417.4/$ recorded in the previous trading session.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N417/$1, while it sold for as low as N410/$1 during intra-day trading,

A total of $155.44 million was traded in FX at the official Investors and Exporters window on Tuesday.

According to the data from the FMDQ, forex turnover decreased by 20.81% from $196.28 million recorded last week Thursday to $155.44 million on Tuesday, 19th April 2022.

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Written by T.I Ukende

T.I Ukende is a professional writer and ICT consultant. He has written many evergreen articles for Benuecast blog, classicgist, ellabase and many others before birthing the newsway blog.
Newsway delivers well researched and undiluted information on business, employment opportunities, personal finance and government empowerments.

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