Newsonline reports that the exchange rate between the naira and the US dollar closed at N420.25/$1 at the Investors and Exporters (I&E) window.
Nigeria’s exchange started the week on a negative note as the naira fell against the US dollar by 0.18% to close at N420.25/$1 compared to N419.5/$1 recorded at the end of the previous week. This is despite the 13.97% increase in forex turnover as $122.91 million exchanged hands in the market.
On the other hand, the exchange rate at the peer-to-peer market recorded slight moderation, gaining 0.01% to trade at a minimum of N605.94/$1 on Tuesday morning as against N606/$1 recorded as of the same time on Monday.
In the same vein, the naira appreciated marginally to N608/$1 on Monday, representing a 0.33% appreciation compared to N640/$1 recorded as of the previous trading session. This is according to information from BDC operators in Nigeria.
Meanwhile, Nigeria’s external reserves depreciated further by 0.07% on Friday, 27th May 2022 to stand at $38.54 billion from $38.57 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.
The exchange rate depreciated by 0.19% on Monday to close at N420.25/$1 from N419.5/$1 recorded on Friday.
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