The exchange rate of the naira and the US dollar closed at N420.75/$1 at the Investors and Exporters (I&E) window.
Naira recorded a 0.12% depreciation on Tuesday to close at N420.75/$1 compared to N420.25/$1 recorded in the previous trading session. The fall in the local currency is despite the 129.7% surge in forex turnover to $113.12 million at the I&E window.
In the meantime, the exchange rate remained stable at the parallel market, closing at N606 to a dollar on Tuesday, the same as recorded in the past two trading sessions. This is according to information from BDC operators in Nigeria.
The exchange rate at the P2P market moderated further on Wednesday, starting the day as low as N601/$1, compared to N602.5/$1 recorded as of the same time on Tuesday. This represents a 0.25% appreciation of the exchange rate.
Meanwhile, Nigeria’s external reserves fell by 0.09% on Monday to stand at $38.42 billion from $38.46 billion recorded the previous day. The nation’s external had been on a downturn since 25th April 2022 largely due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.
At the official NAFEX window, the exchange rate depreciated by 0.12% on Tuesday to close at N420.75/$1 from N420.25/$1 recorded on Monday.
The opening indicative rate closed at N420.1/$1 on Tuesday, the same as recorded on Monday.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.75/$1, while it sold for as low as N413/$1 during intra-day trading.
A total of $113.12 million in FX value was traded in the official I&E window on Tuesday, representing a 129.73% increase compared to $49.24 million traded in the previous trading session.
