The Naira appreciated by 0.12% to close at N419/$1 on Wednesday, from N419.5$1 recorded in the previous trading session.
This is the second consecutive daily gain for the Nigerian naira against the US dollar at the official market. This is following a 74.56% increase in forex turnover in the market.
In the same vein, the exchange rate moderated at the parallel market, having closed at N605/$1 compared to N608/$1 recorded in the previous trading session. This is according to information from BDC operators in Nigeria.
On the other hand, the exchange rate at the peer-to-peer market depreciated on Thursday morning, trading at a minimum of N604/$1 as against N600/$1 recorded as of the same time on Wednesday.
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The opening indicative rate closed at N418.21/$1 on Wednesday, 1st June 2022, representing a N0.33 appreciation compared to N418.54/$1 recorded in the previous trading session.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N419/$1, while it sold for as low as N410/$1 during intra-day trading.
A total of $171.98 million in FX value was traded in the official I&E window on Wednesday, representing a 74.56% increase compared to $98.52 million traded as of the previous trading session.
Meanwhile, Nigeria’s external reserves recorded its first increase in over a month, albeit marginal. Foreign reserves increased by 67,768 on Tuesday, 31st May 2022.
The nation’s external currency had been in 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.