Naira Strengthens Against the Dollar at I&E Window

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CEM REPORT | At the Investors and Exporters (I&E) the naira continue its fight against the US dollar to close at N417/$1

Naira recorded a marginal again of 0.12 percent against the US dollar as against N417.5/$1 at the close of tradimg last week Thursday.

However, a sum of $155.44 million exchanged was exchanged which is 20.81% lower than the $196.28 million traded in the previous trading session.

The opening indicative rate closed at N417.45/$1, 5 kobo higher than the N417.4/$ recorded in the previous trading session.

During the intra-day trading, N444/$1 was the highest rate recorded before it settled at N417/$1, selling for as low as N410/$1.

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A total of $155.44 million was traded in FX at the official Investors and Exporters window on Tuesday.

According to the data from the FMDQ, forex turnover decreased by 20.81% to $155.44 million from $196.28 million recorded last week.

Moreover,  exchange rate at the peer-to-peer market continues it fall landing at N591.1/$1 a 0.19% depreciation compared to N590/$1 recorded before the Easter break, according to Nairametrics.

Meanwhile, Nigeria’s foreign reserve continue to improve as crude oil price stay bullush.

External reserve gained 0.02% on Thursday, 14th April 2022 to stand at $39.74 billion compared to $39.73 billion recorded as of the previous day.

The Central Bank continues to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency.

The Investors and Exporters (I&E) window is where forex is traded officially.

 

 

 

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