Naira trades flat to N464.67/$1 at official market

The exchange rate at the Investors and Exporters (I&E) window between the naira and the US dollar remained flat to close at N464.67/$1 on Monday, 5th June 2023, closing at the same rate that the exchange recorded in the last four trading sessions from the last day in May 2023.

The opening indicative rate recorded a marginal depreciation of 0.02% to close at N464.7/$1 on Friday 2nd June 2023 at the IEFX exchange market, from N464.61/$1 that was recorded on Thursday 1st June 2023.

The highest rate during the intra-day trading at the IEFX exchange market closed at N467/$1 on Monday 5th June 2023, same rate it recorded in the last five trading days, with a forward rate of N480.77/$1.

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The lowest rate at the IEFX exchange market remains unchanged as it closed at the same rate of N460/$1 that has been recorded in the last five trading days with a forward rate of N467/$1 on Monday 5th June 2023.

Forex turnover, however, decreased by 21.66% to $77.48 million at the official market on Monday 5th June 2023, compared to the $98.90 million that exchanged hands in the previous session.

Meanwhile, the nation’s external reserves stood at $35.02 billion as of Friday, 2nd June 2023, which signifies a 0.21% depreciation from $35.09 billion recorded as of Tuesday, 30th May 2023.

The Money market overnight rate stood at 12%, thereby increasing by 12 basis points on Monday 5th June 2023, from 11.88 that was recorded in the previous trading session. Likewise, the Open Repo rate rose by 12 basis points to stand at 11.62%, compared to 11.5% recorded on 2nd June 2023.

The Nigerian Autonomous Foreign Exchange Fixing rate stood at N465.44/$1 on Friday, 2nd June 2023, from N465.46/$1 that was recorded on Thursday 1st June 2023.