The exchange rate between the naira and the US dollar appreciated marginally by 0.03% at the Investors and Exporters (I&E) window to close at N462.88/$1 on Thursday, 4th May 2023, compared to the closing rate of N463 to a dollar recorded in the previous trading session.
This is according to Nairametric’s daily currency update, tracked and compiled from FMDQ Exchange.
The exchange rate at the IEFX recorded an opening indicative rate of N463.25/$1 on 4th May 2023, from N463.17/$1 it recorded on Wednesday.
Also, the highest rate during intra-day trading stood at N466 to a dollar, with a forward rate of N477.86/$1, while the lowest rate stood at N460/$1 with a forward rate of N473.72/$1.
Notably, the sum of $108.43 million was transacted at the official market on 4th May 2023, which significantly increased by 107.24% from the $52.32 million that exchanged hands in the previous session. Meanwhile, the nation’s external reserves stood at $35.28 billion as of Tuesday, 2nd May 2023 from $35.25 billion recorded as of Friday, 28th April 2023.
Other indices
- The Money market overnight rate dropped by 12 basis points from 11.50% recorded on 3rd May 2023, to 11.38% on Thursday, 4th May 2023. The Open Repo rate stood at 11%, same rate as recorded on Wednesday 3rd May 2023.
- DEBT: Debt securities is valued at N32.57 trillion on Thursday 4th May 2023, same as recorded on Wednesday 3rd May 2023.
- The S&P Sovereign Bond index rose to 618.52 index points on 3rd May 2023 compared to 618.2 points recorded on Tuesday, 2nd May 2023. This brings the month-to-date growth to 0.18%, the quarter-to-date growth to 1.11% while the year-to-date growth to 0.69%.
- NAFEX: The Nigerian Autonomous Foreign Exchange Fixing rate fell marginally by 0.06% to close at N462.90/$1 on Wednesday, 3rd May 2023.
- NIBOR: The Nigerian Inter-Bank Offered rate stood at 11.38% for the overnight (O/N) tenor as of Wednesday 3rd May 2023. 1-month tenor (12.79%), 3-month (13.96%), while the 6-month tenor stood at 14.44%.
- NITTY: The Nigerian Inter-Bank Treasury Bills True Yields’ 1-month tenor rate stood at 4.05%, on Wednesday 3rd May 2023.
- 3-month – 5.51%
- 6-month – 6.53%
- 9-month – 8.24%
- 12-month – 9.80%
Official exchange rate depreciates to N463/$1 on 3rd May 2023
Naira depreciated by 0.14% against the US dollar at the Investors and Exporters (I&E) window to close at N463/$1 on Wednesday, 3rd May 2023, from the closing rate of N462.33/$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 N463.17/$1 on 3rd May 2023, representing an appreciation of 0.13% in contrast to N463.75/$1 it recorded on Monday, 2nd May 2023.
Also, the highest rate during intra-day trading stood at N465/$1, with a forward rate of N467/$1, while the lowest rate stood at N460/$1 with a forward rate of N467/$1.
However, forex turnover increased by 13.64% to $52.32 million at the official market on Wednesday 3rd May 2023, from the $46.04 million that exchanged hands in the previous session. Meanwhile, the nation’s external reserves stood at $35.28 billion as of Tuesday, 2nd May 2023 from $35.25 billion recorded as of Friday, 28th April 2023.
Other indices
- The Money market overnight rate rose by 12 basis points from 11.38% recorded on Tuesday 2nd May 2023 to 11.50% on Wednesday, 3rd May 2023. The Open Repo rate stood at 11%, the same rate as recorded on Tuesday 2nd May 2023.
- DEBT: Debt securities are valued at N32.57 trillion on Wednesday 3rd May 2023, from N32.58 trillion recorded on Tuesday 2nd May 2023.
- The S&P Sovereign Bond index rose to 618.2 index points on 2nd May 2023 compared to 617.63 points recorded on Friday, 28th April 2023. This brings the month-to-date growth to 0.13%, the quarter-to-date growth to 1.05% and the year-to-date growth to 0.64%.
- NAFEX: The Nigerian Autonomous Foreign Exchange Fixing rate appreciated marginally by 0.02% to close at N462.63/$1 on Tuesday, 2nd May 2023.
- NIBOR: The Nigerian Inter-Bank Offered rate stood at 12% for the overnight (O/N) tenor as of Tuesday 2nd May 2023. 1-month tenor (13.2%), 3-month (14.13%), while the 6-month tenor stood at 14.5%.
- NITTY: The Nigerian Inter-Bank Treasury Bills True Yields’ 1-month tenor rate stood at 4.41%, on Tuesday 2nd May 2023.
- 6-month – 6.91%
- 9-month – 8.52%
- 12-month – 10.00%