Black market dollar to naira new exchange rate has been released below and published by ENigeria Newspaper.
ENigeeria Newspaper reports that in the latest black-market dollar to naira exchange rate, Official Market and the peer-to-peer market , Naira crashed badly to dollar.
ENigeria Newspaper reports that the exchange rate between the naira and the US dollar closed at N419/$1 at the official Investors and Exporters (I&E) window.
On Monday, the official window’s exchange rate against the US dollar fell to N419/$1, down from N417/$1 at the previous week’s end. On Monday, $53.15 million in foreign exchange value was transacted, down 39.89 percent from Friday’s $88.42 million.
It’s worth mentioning that the dollar supply on Monday was at its lowest level in almost a month, reaching $42.39 million in FX value on April 4th, 2022.
Meanwhile, the parallel market currency rate remained constant at N590 per dollar. According to information obtained from BDCs in Nigeria, this is the case.
On the other hand, the naira fell significantly against the US dollar on Tuesday morning at the peer-to-peer market, trading at N600.5/$1 compared to N594/$1 recorded as of the same time the previous day.
Nigeria’s external reserve depreciated by 0.15% on Friday, 6th May to stand at $39.31 billion, compared to $39.37 billion recorded as of the previous day. The decline in the external reserve level can be attributed to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.
Trading at the official NAFEX window
Naira started the week on a negative note with a 0.48% depreciation at the I&E window to close at N419/$1 in comparison to N417/$1 recorded on Friday last week.
• The opening indicative rate closed at N417.75/$1 on Monday 9th May 2022, which is 15 kobo lower than the N417.9/$ recorded in the previous trading session.
• Furthermore, an exchange rate of N423/$1 was the highest rate recorded during intra-day trading before it settled at N419/$1, while it sold for as low as N410.84/$1 during intra-day trading.
• A total of $53.15 million was traded in FX at the official Investors and Exporters window on Monday.
• According to the data from the FMDQ, forex turnover fell significantly to a one-month low, declining by 39.89% from $88.42 million recorded on Friday, 6th May 2022 to $53.15 million on Monday.
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