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The Naira depreciated against the dollar on Wednesday (May 10, 2023) exchanging for N463.02 at the investors’ and exporters’ window. The local currency however traded steadied at the open market amidst devaluation expectations.
The rate represents a decrease of 0.17 per cent when compared to the N462.25 it exchanged to the dollar on Tuesday (May 9, 2023). The open indicative rate closed at N463 to the dollar on Wednesday (May 10, 2023).
A spot exchange rate of N467 was used for trading within the day before it settled at N463.02. The spot exchange rate is determined instantly.
The Naira sold for as low as N460 to the dollar within the day’s trading. A total turnover of US$ 178.68 million was traded at the official Investors’ and Exporters’ window as demand for forex spiked.
At the parallel market, forex players paid ₦746 to obtain the United States dollar while the external reserve dipped further by $0.01 billion to close at $35.26 billion.
The central bank recently said Nigeria raked in about $6 billion from non-oil export in 2022. The fx inflow helped support the apex bank market intervention, though insufficient to upturn the naira fortune
Accretion into foreign reserves remained depressed, partly because of lower inflows from hydrocarbon sales even when oil prices stayed on a bullish course. Yesterday, Brent and Bonny closed at $74.5 and $77.4 per barrel in the global market.
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