Naira drops further, despite increase in dollar supply

On 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 diminished in value against the US dollar on Tuesday to close at N416.83/$1 at the official window, despite improved dollar supply in the FX market. The exchange rate diminished by 0.05% differed to N416.63/$1 documented in the prior trading session.

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

Naira diminished marginally against the US dollar on Wednesday morning, trading at a minimum of N583 to a dollar differed from N582/$1 documented in the prior trading session, representing a depreciation of 0.17%.

Meanwhile, Nigeria’s foreign stock appreciated marginally on Monday with a 0.003% increase to survive at $39.57 billion differing from $39.54 billion documented as of the prior day. Meanwhile, the Central Bank has proceeded to intervene in the official forex market from the external reserve to maintain the stability of the local currency.