Naira drops to N416.83/$1 at official window

Nigerian currency continued its poor performance against the US dollar as it again dropped in value on Tuesday, April 5, 2022.

According to data from the FMDQ securities, Naira at the investors and exporters window closed at N416.83/$1.

This is a 0.05 percent depreciation when compared to N416.63/$1 recorded on Monday.

Naira devaluation comes despite a relative increase in the dollar supply.

Read also: Experts paint bleak future for Naira as it falls again at official market

Data obtained by Ripples Nigeria showed that participants at the I&E window transacted over $106.50 million compared to $73.31 million on Monday.

But the local currency traded flat against the British Pound Sterling and the Euro at the spot market yesterday, closing at N545.41/£1 and N458.09/€1 respectively.

It was also a poor trade day for Naira at the black market as Naira fell by N1 to close Tuesday trade at N585.

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