Exchange rate edges toward N600/$1 at P2P market

The exchange rate at the peer-to-peer market fell further to N591.1/$1 on Tuesday, 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.

However, 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.

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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.

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.

Meanwhile, Nigeria’s foreign reserves continue to improve on the back of bullish crude oil prices. External reserves 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.