Exchange rate declines further, edges towards N600/$ in parallel market

The exchange rate at the peer-to-peer market fell further to N591.1/$1 on Tuesday morning, representing a 0.19% depreciation compared to N590/$1 recorded on Thursday, 14th April 2022.

Also, exchange rate at the parallel market closed at N589/$1, on Thursday, declining by 0.17% compared to N588/$1 traded last week Wednesday. This is according to information obtained from BDCs operating in Nigeria.

The exchange rate between the Nigerian naira and the US dollar closed at N417/$1 at the Investors and Exporters (I&E) window, where forex is traded officially on Tuesday.

Naira recorded a marginal gain against the US dollar, after the long Easter holiday, appreciating by 0.12% to close at N417/$1, compared to N417.5/$1 recorded as of the close of trading activities last week Thursday.

However, a sum of $155.44 million exchanged hands on Tuesday, which is 20.81% lower than the $196.28 million traded in the previous trading session.

Meanwhile, Nigeria’s foreign reserve continue to improve on the back of bullish crude oil price. External reserve gained 0.02% on Thursday, 14th April 2022 to stand at $39.74 billion compared to $39.73 billion recorded as of the previous day.

The Central Bank has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency.

Nairametrics