Naira closes at N463.5/$1 at official market

The rate of exchange between the naira and the US dollar recorded a depreciation of 0.11% at the Investors and Exporters (I&E) window to close at N463.5/$1 on Monday, 22nd May 2023, from N463 to a dollar that was recorded last week Friday.

This is according to the daily currency update, tracked and compiled from FMDQ Exchange.

The exchange recorded an opening indicative rate of N463.5/$1 at the IEFX exchange market on Monday 22nd May 2023, a marginal depreciation of 0.05% from N463.25/$1 that was recorded on Friday 19th May 2023.

The exchange recorded a highest rate of N467/$1 during the intra-day trading on Monday 22nd May 2023, same rate as recorded in the last two previous trading sessions, and with a forward rate of N479.79/$1.

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The lowest rate stood at N460/$1, the same rate that was recorded in the last nine trading sessions, since Tuesday 9th May 2023, with a forward rate of N467/$1.

However, forex turnover increased by 16.37% to $106.84 million at the official market on Monday 22nd May 2023, from the $91.81 that exchanged hands in the previous session.

Meanwhile, the nation’s external reserves stood at $35.178 billion as of Thursday, 18th May 2023, a marginal depreciation of 0.05% from $35.196 billion recorded as of Wednesday, 17th May 2023.

The Money market overnight rate dropped by 200 basis points to 13.62% on Monday 22nd May 2023, from 15.62% that was recorded in the previous trading session. Also, the Open Repo rate stood at 12.88%, recording a drop of 200 basis points from 14.88% recorded on 19th May 2023.