Naira Shows Promising Flow, Commences The Week At A Flat Rate Against Dollar

The Nigerian Naira commenced the week at a flat rate on the FMDQ’s forex exchange window with N418 to US$1 Dollar, as concluded in the previous week.

According to the Central Bank of Nigeria’s (CBN) official exchange rate, US Dollar to Naira exchange rate is set at ₦415.57 on Monday, May 30, 2022. While at the Investors and Exporters’ window (FMDQ), the Naira opened the day at N418.38 and closed at N420, representing a decline of 0.18%.

The dollar started last week at ₦415.68 in CBN exchange rate lists on Monday, May 23, 2022, and about the same rate for N418 was announced by FMDQ last week’s commencement. This corresponds to a 0.03% fall for the Dollar in CBN since last week.

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Livenews obtained that last week Wednesday, Naira fell by 0.24 percent versus the US Dollar, falling from N417 to N416. The FMDQ-managed foreign exchange sector opened at N418 and was recognized by the central bank as the official exchange rate.

As a matter of fact, this could be due to the Central Bank of Nigeria‘s decision to raise the nation’s interest rate by 150 basis points.

US Dollar rate suggested by CBN was ₦415.62 at the beginning of May on Wednesday, May 04, 2022. As of today with USD seen at ₦415.57, we see a 0.01% fall in USD to Naira exchange rates in CBN for this May.