The exchange rate at the peer-to-peer market fell further to N591.1/$1 on Tuesday morning, representing the highest rate recorded since we started tracking the market. It also represents a 0.19% depreciation compared to N590/$1 recorded on Thursday, 14th April 2022.

Naira recorded a marginal gain against the US dollar on Tuesday, after the long Easter holiday, appreciating by 0.12% to close at N417/$1, compared to N417.5/$1 recorded as of the close of trading activities last week Thursday.

However, a sum of $155.44 million exchanged hands on Tuesday, which is 20.81% lower than the $196.28 million traded in the previous trading session.

Meanwhile, Nigeria’s foreign reserve continue to improve on the back of bullish crude oil price. External reserve gained 0.02% on Thursday, 14th April 2022 to stand at $39.74 billion compared to $39.73 billion recorded as of the previous day. The Central Bank has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency.