The exchange rate between the naira and US dollar at the Investors and Exporters (I&E) window closed at N462.13/$1 on Wednesday, 26th April 2023. This represents a 0.28% gain compared to the closing rate of N463.44/$1 recorded in the previous trading session.
This is according to Nairametrics’ daily currency update, tracked and compiled from FMDQ Exchange.
The exchange rate at the IEFX recorded an opening indicative rate of N463.50 to a dollar on 26th April 2023, in contrast to N463.10/$1 that was recorded on Tuesday.
Also, the highest rate during intra-day trading stood at N466/$1, with a forward rate of N477.99/$1, while the rate settled at N462.13/$1. On the flip side, the lowest rate on Wednesday stood at N415/$1 with a forward rate of N462/$1.
In terms of forex turnover, a total of $119.97 million was traded at the official market, which is 91.37% higher than the $62.69 million that exchanged hands in the previous session. Meanwhile, the nation’s external reserves stood at $35.29 billion as of Tuesday, 25th April 2023 from $35.31 billion recorded as of the beginning of the week.
Other indices
- The Money market overnight rate dropped by 375 basis points from 15.25% recorded on Tuesday 25th April 2023, to 11.50% on Wednesday, 26th April 2023. The Open Repo rate also dropped to 11.12% in contrast to the 14.62% recorded on 25th April 2023.
- The S&P Sovereign Bond index rose to 613.18 index points on 25th April 2023 compared to 612.74 points recorded last week Thursday. This brings the month-to-date growth to 0.23%, while the year-to-date growth stood at -0.18%.
- NAFEX: The Nigerian Autonomous Foreign Exchange Fixing rate appreciated by 0.06% to close at N462.43/$1 on Thursday, 20th April 2023.
- NIBOR: The Nigerian Inter-bank Offered rate stood at 18.75% for the overnight (O/N) tenor as of 20th April 2023. 1-month tenor (15.75%), 3-month (16.53%), while the 6-month tenor stood at 16.69%.
- NITTY: The Nigerian Inter-bank Treasury Bills True Yields’ 1-month tenor rate stood at 5.82%, on Thursday, 20th April 2023.
- 3-month – 7.06%
- 6-month – 9.05%
- 9-month – 11.61%
- 12-month – 13.78%