Naira drops N462 against dollar at official market

Oluwanifemi Ojo
Oluwanifemi Ojo
Naira and Dollar

The Naira-to-US Dollar exchange rate at the Investors and Exporters window decreased to N462.33 per dollar on Tuesday which represents a 0.14 per cent drop from the previous trading session’s closing rate of N463 per one dollar.

This information was reported in Nairametric’s daily currency update, which was compiled from FMDQ Exchange.

According to the report, the Investors and Exporters Foreign Exchange had an opening indicative rate of N463.75 per $1, which was a slight increase of 0.05 per cent compared to the previous Friday’s rate of N463.50 per dollar.

During intra-day trading, the highest rate was N466 to a dollar, with a forward rate of N478.82/$1, while the lowest rate was N460/$1 with a forward rate of N475.06/$1.

However, on May 2nd, 2023, the official market recorded a transaction of $46.03 million, which was 35.77 per cent lower than the previous session’s transaction of $71.68 million.

Meanwhile, the nation’s external reserves were at $35.25 billion on April 27th, 2023, a slight decrease from the previous day’s record of $35.26 billion on April 26th, 2023.

Other indices revealed that “The Money market overnight rate dropped by 174 basis points from 13.12% recorded on Friday 28th April 2023, to 11.38% on Tuesday, 2nd May 2023. The Open Repo rate also dropped by 162 basis points to 11% compared to 12.62% recorded on 28th April 2023.”

Also for debt securities, the report showed that “Debt securities is valued at N32.58 trillion on Tuesday 2nd May 2023, from N32.65 trillion recorded on 28th April 2023.”

It was also reported that on April 28th, 2023, the S&P Sovereign Bond index increased to 617.63 index points from 616.12 points on April 27th, 2023. This represents a month-to-date growth of 0.04 per cent, a quarter-to-date growth of 0.96 per cent, and a year-to-date growth of 0.54 per cent.

In addition, the Nigerian Autonomous Foreign Exchange Fixing rate, also known as NAFEX, had a marginal appreciation of 0.03 per cent and closed at N462.70/$1 on April 28th, 2023.

As of the same date, the Nigerian Inter-Bank Offered rate was 11.55 per cent for the overnight tenor. The 1-month tenor was 11.84 per cent, the 3-month tenor was 12.51 per cent, and the 6-month tenor was 13.34 per cent.

“The Nigerian Inter-Bank Treasury Bills True Yields’ 1-month tenor rate stood at 4.34%, on Friday, 28th April 2023,” it states.

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