Naira weakens against Dollar at official market

The exchange rate at the official window weakened against the US dollar on Thursday to close at N419/$1 from N418/$1 recorded as of the close of trading activities in the previous week.

A total of $108.24 million in FX value was traded on Thursday, which is 33.47% lower than the $162.7 million traded on Wednesday.

Meanwhile, the exchange rate at the parallel market remained stable at N590 to a dollar. This is according to information obtained from BDCs operating in Nigeria.

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The exchange rate at the peer-to-peer market depreciated by 0.852% to trade at a minimum of N592/$1 on Thursday morning, compared to N587/$1 recorded as of the same time on Wednesday.

The opening indicative rate closed at N417.4/$1 on Thursday 5th May 2022, which is 40 kobo higher than the N417/$ 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 $108.24 million was traded in FX at the official Investors and Exporters window on Thursday.

According to the data from the FMDQ, forex turnover declined by 33.47% from $162.7 million recorded on Wednesday, 4th May 2022 to $108.24 million on Thursday.