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Exchange rate: Naira crashes massively again in official market

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Exchange rate: Naira crashes massively again in official market

Exchange rate for Thursday, 5th May 2022: The exchange rate between the naira and the US dollar closed at N419/$1.

Exchange rate report received and studied by ENigeria Newspaper indicates that naira to dollar at the Investors and Exporters (I&E) window, where FX is traded officially closed at N419/$1 on Thursday evening.

In the new exchange rate at the official window naira crashed 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 parallel market exchange rate remained constant at N590 per dollar. According to data gathered from BDCs in Nigeria.

Nigeria’s foreign reserve fell by 0.39 percent on Wednesday, May 4th, to $39.43 billion, down from $39.58 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.

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The peer-to-peer market exchange rate fell by 0.852 percent to a low of N592/$1 on Thursday morning, compared to N587/$1 at the same time on Wednesday.

Exchange rate: Naira crashes massively again in official market

dollar-to-naira-exchange-rate

Trading at the official NAFEX window
On Thursday, 5th May 2022, the Investors and Exporters window also known as I&E exchange rate closed at N419/$1, a 0.24 percent devaluation from the previous trading session’s rate of N418/$1.

 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.

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 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.

ENIGERIA NEWSPAPER

 

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