The Naira on Monday depreciated at the Investors and Exporters windows, exchanging at 421.50 to the dollar, representing 0.60 per cent, as compared to 419 traded on Friday 13th May 2022. Most currency dealers who participated at the foreign exchange auction on Monday sustained bids between N412.00 and N444.00 per dollar. A total of 70.68 million dollars was traded in foreign exchange at the official Investors and Exporters window on Monday.
While other foreign currencies are appreciating, the dollar has remained high, hitting N600/$ at the alternative market known as parallel market.
Meanwhile, the exchange rate at the parallel or black market remained steady at N590 to a dollar, although appreciated marginally by 0.17% from N591/$ as of the previous trading session. This is according to information revealed by BDC’s operating in Nigeria.
Nigeria’s external reserve also depreciated by 0.08% on Friday, 13th May 2022 to stand at $39.01billion, compared to $39.04 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 of Nigeria (CBN) in the FX market in order to ensure the stability of the local currency.