The exchange rate at the I&E window closed at N417 to a dollar on Tuesday, 29th March 2022, representing a 0.12% depreciation compared to N416.5/$1 recorded in the previous trading session. FX turnover also fell by 51.5% to $97.9 million on Tuesday.
Also, Naira recorded a 0.172% depreciation against the US dollar on Wednesday, trading at a minimum of N584/$1 as opposed to the minimum rate of N583/$1 recorded on Tuesday.
On the other hand, the exchange rate at the parallel market closed flat at N588/$1, same as recorded in the previous trading session. This is according to information obtained from BDCs operating in Nigeria.
Meanwhile, Nigeria’s foreign reserve recorded a third consecutively daily gain to stand at $39.55 billion compared to the $39.53 recorded as of the previous day. Meanwhile, 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.
Official NAFEX window trading brief
The exchange rate at the Investors and Exporters window closed at N417/$1 on Tuesday, 29th March 2022, representing a 0.12% depreciation compared to N416.5/$1 recorded on Monday, 28th March 2022.
The opening indicative rate closed at N416.25/$1 on Tuesday, representing a 1 kobo marginal appreciation compared to the N416.25/$1 recorded on Monday, 28th March 2022.
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 $97.91 million was traded in FX at the official Investors and Exporters window on Tuesday. According to the data from the FMDQ, forex turnover dropped significantly by 51.5% from $202.06 million recorded on Monday to $97.91 million on Tuesday, 29th March 2022.
Culled from Nairametrics