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Exchange rate gains marginally to N421/$1 at I&E window

Friday, 10th June 2022: The exchange rate between the naira and the US dollar closed at N421.25/$1 at the Investors and Exporters (I&E) window.

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Naira recorded a marginal gain against the USD on Friday, closing at N421.25/$1 from N422.5/$1 recorded on Thursday. However, this represents a depreciation compared to N419.75/$1 recorded as of the previous week. On the other hand, a total of $105.11 million was traded in the official market.

The exchange rate at the parallel market depreciated by 0.33% to close at N608/$1 in contrast to N606/$1 recorded in the previous trading session. This is according to information from BDC operators.

On a positive note, the exchange rate at the P2P market gained 0.11% on Saturday morning, trading at a minimum of N604.7/$1, compared to N605.35/$1 recorded in the previous trading session.

Meanwhile, Nigeria’s external reserves appreciated by 0.07% on Thursday, 9th June 2022 to stand at $38.52 billion from $38.49 billion recorded the previous day. The nation’s external had been on a downward trend due 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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