Infoexpert24 reports that Nigerian Naira recorded a marginal gain against the US dollar on Tuesday, after the long Easter holiday, appreciating by 0.12% to close at N417/$1, compared to N417.5/$1 recorded as of the close of trading activities last week Thursday.
However, a sum of $155.44 million exchanged hands on Tuesday, which is 20.81% lower than the $196.28 million traded in the previous trading session.
The exchange rate at the peer-to-peer market fell further to N591.1/$1 on Tuesday morning, representing the highest rate recorded since we started tracking the market. It also represents a 0.19% depreciation compared to N590/$1 recorded on Thursday, 14th April 2022.
In the same vein, the exchange rate at the parallel market closed at N589/$1, on Thursday, declining by 0.17% compared to N588/$1 traded last week Wednesday. This is according to information obtained from BDCs operating in Nigeria.
Meanwhile, Nigeria’s foreign reserve continue to improve on the back of bullish crude oil price. 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 has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency.
The exchange rate at the Investors and Exporters window closed at N417/$1 on Tuesday, 19th April 2022, representing a 0.12% appreciation compared to N417.5/$1 recorded in the previous trading session.
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