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Economy/Stock Market Update

Naira crumbles further in new exchange rate for Thursday 5th May 2022

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Naira crumbles further in new exchange rate for Thursday 5th May 2022
Naira-dollar-exchange-rate

ENigeria Newspaper reports that Naira crumbles further in exchange rate for Thursday 5th May, 2022 as hereby obtained and published below.

IMPORTANT NOTE: The exchange rate fluctuates hourly, depending on the amount of dollars available and the Demands. What this means is that you can purchase or sell a dollar for N588/$1, and the price can fluctuate (high or low) in a few of hours after.

Recall that ENigeria Newspaper reported that Wednesday, 4th May 2022: naira to dollar exchanged for N418/$1 and closed at same price at the Investors and Exporters (I&E) window, where FX is traded officially.

The exchange rate at the official window strengthened on Wednesday to close at N418/$1 compared to N419/$1 recorded as of the close of trading activities in the previous week. A total of $162.7 million in FX value was traded on Wednesday, which is 2.6% higher than the $158.55 million traded on Friday last week.

This is as the exchange rate at the parallel market also known as black market remained stable at N590 to a dollar. This is according to information obtained from BDCs operating in Nigeria and made available to ENigeria Newspaper.

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Naira crumbles further in new exchange rate for Thursday 5th May 2022

Naira-and-dollar-exchange-rate

Nigeria’s foreign reserve declined by 0.09 percent on Thursday, April 29th, to $39.58 billion, down from $39.62 billion the day before. The fall in external reserves can be linked to the Central Bank’s ongoing involvement in the foreign exchange market to maintain the local currency’s stability.

The peer-to-peer market exchange rate fell by 0.852 percent to a low of N592/$1 on Thursday morning, compared to N588/$1 at the same time on Wednesday.

This means that black market dollar to naira in the parallel or black market traded at N592/$1 on Thursday morning and has remained same till the point of filing this report by ENigeria Newspaper.

ENIGERIA NEWSPAPER does not establish or determine foreign exchange rates. The official NAFEX rates can be seen on the FMDQ website. Various sources, including internet media outlets, are used to get parallel market (black market) pricing. The rates at which you purchase or sell currency may fluctuate and maybe different from what is captured in this article.

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