The exchange rate between the naira and the US dollar closed at N417/$1 at the Investors and Exporters (I&E) window, where forex is traded officially, but recorded a devasted number in peer to peer 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.
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.