Naira Gains At Official Market As Foreign Reserve Witnesses Uptrend
This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria's currency.
Nigeria's central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can't access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)
Naira Gains At Official Market As Foreign Reserve Continues With Uptrend, details can be accessed below.
BrandNewsDay Nigeria reports that the exchange rate between the naira and the US dollar closed at N416.62/$1 at the official Investors and Exporters (I&E) window.
On the one hand, Naira has appreciated by 0.09% to close at N416.62/$1 on Tuesday, 12th April 2022 compared to N417/$1 recorded on Monday
Meanwhile, the Forex turnover also increased by 13.51% to $144.29 million on Tuesday, representing the highest daily supply in the past four trading sessions.
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On the other hand, the exchange rate at the peer-to-peer market appreciated massively to N580/$1, representing a 1.19% appreciation compared to N587/$1 recorded in the previous trading session.
The exchange rate at the parallel market which is also known as the Dollar to Naira Aboki Exchange Rate Market closed flat at N587/$1, the same as recorded in the previous trading session. This is according to information obtained from BDCs operating in Nigeria.
Meanwhile, Nigeria’s foreign reserve improved by 0.11% to stand at $39.7 billion compared to $39.66 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.
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Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416.62/$1 on Tuesday, 12th April 2022, representing a 0.09% appreciation compared to N417/$1 recorded in the previous trading session.
The opening indicative rate closed at N416.17/$1 on Tuesday, 12th April 2022, depreciating marginally by 0.02 kobo compared to N416.15 recorded on Monday.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.62/$1, while it sold for as low as N410/$1 during intra-day trading.
A total of $144.29 million was traded in FX at the official Investors and Exporters window on Tuesday.
According to the data from the FMDQ, forex turnover increased by 13.51% from $127.12 million recorded on Monday to $144.29 million on Tuesday, 12th April 2022.
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