The official rate for the Naira against the U.S Dollar today, Thursday, April 7 begins at N416.30 to a Dollar.
According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at N416.30/$1 on Wednesday 6th, after it closed at N416.83 to a $1 on Tuesday, 5th April 2022.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N580 and sell at N600 on Wednesday, April 6th 2022, according to sources at Bureau De Change (BDC).
According to data from FMDQ, the forward rate went as high as N452.65 and as low as N417.00.
A spot exchange rate is the current price level in the market to directly exchange one currency for another, for delivery on the earliest possible value date.
Naira depreciated against the US dollar at the P2P market on Thursday morning, trading at a minimum of N584.1 to a dollar compared to N583/$1 recorded in the previous trading session, representing a depreciation of 0.189%.
Meanwhile, the Central Bank has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency.
The exchange rate at the Investors and Exporters window closed at N416.5/$1 on Wednesday, 6th April 2022, representing a 0.08% appreciation compared to N416.83/$1 recorded on Tuesday.
The opening indicative rate closed at N416.3/$1 on Wednesday, 6th April 2022, which is the highest recorded since 24th March 2022.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.5/$1, while it sold for as low as N410/$1 during intra-day trading.
(Journalist101)