The exchange rate between the Naira and the US dollar at the Investors and Exporters (I&E) window depreciated to N462.33/$1 on May 2, 2023. This represents a 0.14% fall from the closing rate of N463/$1 recorded in the previous trading session.
Naira strengthened to N462.33 per dollar on Tuesday compared to last month’s N466/$1 at the parallel market.
The Money market overnight rate dropped by 174 basis points from 13.12% recorded on Friday, April 28, 2023, to 11.38% on Tuesday, May 2, 2023. The Open Repo rate also dropped by 162 basis points to 11% compared to 12.62% recorded on April 28, 2023.
The sum of $46.03 million was transacted at the official market on May 2, 2023, which is 35.77% lower than the $71.68 million that exchanged hands in the previous session.
Meanwhile, the nation’s external reserves stood at $35.25 billion as of Thursday, April 27, 2023, from $35.26 billion recorded as of Wednesday, April 26, 2023.