BREAKING: Naira Falls Massively Across Exchanges, See New Exchange Rates

Naira started the week on a negative note with a 0.48% depreciation at the I&E window to close at N419/$1 in comparison to N417/$1 recorded on Friday last week.

• The opening indicative rate closed at N417.75/$1 on Monday 9th May 2022, which is 15 kobo lower than the N417.9/$ recorded in the previous trading session.
• Furthermore, an exchange rate of N423/$1 was the highest rate recorded during intra-day trading before it settled at N419/$1, while it sold for as low as N410.84/$1 during intra-day trading,
• A total of $53.15 million was traded in FX at the official Investors and Exporters window on Monday.
• According to the data from the FMDQ, forex turnover fell significantly to a one-month low, declining by 39.89% from $88.42 million recorded on Friday, 6th May 2022 to $53.15 million on Monday.