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BREAKING: Naira falls massively across board (See new exchange rates)

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3 years ago

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Naira has fallen massively at Aboki Black Market, Official Market and the peer-to-peer market as FX supply fall at the official window.

IDOMA VOICE 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.

The exchange rate at the official window weakened against the US dollar on Monday to close at N419/$1 from N417/$1 recorded as of the close of trading activities in the previous week. A total of $53.15 million in FX value was traded on Monday, which is 39.89% lower than the $88.42 million traded on Friday.

It is worth noting that the dollar supply on Monday represents the lowest in over a month, since 4th April 2022, when $42.39 million in FX value was traded.

Meanwhile, the exchange rate at the parallel market remained stable at N590 to a dollar. This is according to information obtained from BDCs operating in Nigeria.

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.
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