Naira Falls at Official Window Despite Significant Improvement in Dollar Supply

 

Tuesday 5th April 2022: The exchange rate between the naira and the US dollar closed at N416.83/$1 at the official Investors and Exporters (I&E) window.

Naira depreciated against the US dollar on Tuesday to close at N416.83/$1 at the official window, despite improved dollar supply at the FX market. Exchange rate depreciated by 0.05% compared to N416.63/$1 recorded in the previous trading session.

On the hand, the exchange rate at the parallel market closed flat at N588/$1, the same as recorded in the previous trading session. This is according to information obtained from BDCs operating in Nigeria.

Naira depreciated marginally against the US dollar on Wednesday morning, trading at a minimum of N583 to a dollar compared to N582/$1 recorded in the previous trading session, representing a depreciation of 0.17%.

Meanwhile, Nigeria’s foreign reserve appreciated marginally on Monday with a 0.003% increase to stand at $39.57 billion compared to $39.54 billion recorded as of the previous day. Meanwhile, 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.