CEM REPORT | The Nigerian naira fell by 0.29 percent to close at N418.5/$1 at the Investors and Exporters (I&E) window on Tuesday, 26th April 2022:
This is against N417.3/$1 recorded the previous day at the official market wher Forex is traded.
The opening indicative rate on the day, closed at N417.5/$1 which is 58 kobo higher than N416.92/$ recorded in the previous day trading session.
The highest exchange rate of the intra-day trading stood at N444/$1 while it sold for as low as N410/$1 during intra-day trading,
A total of $109.43 million was traded in FX at the official Investors and Exporters window on Tuesday.
[READ ALSO] Expert Raises Alarm over Worsening State of Naira
The decline follows a 62.41% drop in forex turnover as $109.43 million exchanged hands.
Nairametrics reports that Nigeria’s external reserve depreciated for the second day in a row, with a 0.23% decline to stand at $39.71 billion as of 25th April 2022, compared to the $39.81 billion recorded as of the previous day. Meanwhile, 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 stability of the local currency.
Data from FMDQ, suggest forex turnover declined significantly by 62.41% from $291.1 million recorded on Monday to $109.43 million on Tuesday, 26th April 2022.
