Exchange rate closes at N418.25/$1

The exchange rate between the naira and the US dollar closed at N418.25/$1 at the official Investors and Exporters (I&E) window.

The exchange rate at the official window grew slightly stronger against the US dollar on Tuesday to close at N418.25/$1 from N419/$1 recorded in the previous trading session. Also, forex liquidity at the market surged significantly by 341.3% to $234.54 million from $53.15 million traded on Monday.

On the other hand, the naira fell further against the US dollar on Wednesday morning at the peer-to-peer market, trading at a minimum of N602/$1 compared to N600/$1 recorded as of the same time the previous day.

Meanwhile, the exchange rate at the parallel market remained stable at N590 to a dollar. This is according to information obtained from BDCs operating in Nigeria.

Nigeria’s external reserve depreciated by 0.36% on Monday, 9th May to stand at $39.17 billion, compared to $39.31 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 in the FX market in order to ensure the stability of the local currency.

Culled from Nairametrics