Naira falls at official window, closes flat at parallel market

Naira started the week on a negative note with a 0.08% depreciation to close at N417/$1 on Monday, from N416.67/$1 recorded as of the close of trading activities in the previous week.

This is despite a 17.4% increase in dollar supply in the official market.

In the same vein, the exchange rate at the peer-to-peer market depreciated marginally by 0.17% to trade at a minimum of N587/$1 on Tuesday morning compared to N586/$1 recorded in the previous day.

Naira had dropped significantly on Monday from N576/$1 recorded as of the close of trade on Friday.

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On the other hand, the exchange rate at the parallel market closed flat at N587/$1, the same as recorded in the previous trading session. This is according to information obtained from BDCs operating in Nigeria.

The exchange rate at the Investors and Exporters window closed at N417/$1 on Monday, 11th April 2022, representing a 0.08% depreciation compared to N416.67/$1 recorded in the previous trading session.

The opening indicative rate closed at N416.15/$1 on Monday, 11th April 2022, appreciating marginally by 0.02 kobo compared to N416.17 recorded last week’s Friday.

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 $127.12 million was traded in FX at the official Investors and Exporters window on Monday.

According to the data from the FMDQ, forex turnover increased by 17.4% from $108.28 million recorded on Friday to $127.12 million on Monday, 11th April 2022.