As at Wednesday, June 8, 2022, the naira to US dollar exchange rate closed at N420.25/$1 at the Investors and Exporters (I&E) window.
From N420.75/$1 recorded on Tuesday, 7th June 2022 at the official Investors and Exporters window, the naira appreciated marginally by 0.12% to close at N420.25/$ on Wednesday.
According to Nigerian BDC operators, the exchange rate was stable at the parallel market, closing at N606 to a dollar on Wednesday, the same as recorded in the past three trading sessions. On the other hand, Forex supply in the market declined by 26.9% to $82.6 million from $113.12 million.
P2P market exchange rate remained stable on Thursday, as it traded at a minimum of N604.5/$1, which is the same recorded in the previous trading session.
Meanwhile, Nigeria’s external reserves appreciated by 0.11% on Tuesday, 7th June 2022 to stand at $38.46 billion from $38.42 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.