Official exchange rate falls 17.4% in 5 days, hit month to date low of N1300/$1

Nigeria’s official exchange rate fell to a month to date low of N1,300/$1 on Tuesday April 23, 2024 according to data from the FMDQ, where the exchange rate trades officially.

This represents a 5.05% depreciation from the N1,234.49/$1 reported on the first day of the week, continuing with the weakness that started on Friday.

The exchange rate has now weakened by 17.49% in a matter of 5 days as concerns mount over the central bank’s ability to sustain the gains recorded in recent weeks.

Key data highlights

According to data from the FMDQ, the exchange rate closed at at N1,300.15/$1 on a total daily turnover of $133.65 million.

• Daily turnover has also increased from the low of $86.68 million and $110.17 million recorded on Friday and Monday respectively.
• The intra-day high and lows recorded for the day were N1,317 and N1,000 respectively as the disparity hovered around 30% on the upper and lower band.
• Black market sources also suggest the dollar was quoting closer to N1300/$1 by late Tuesday as demand spiked in line with concerns of a further devaluation.
• The CBN data for April 22nd also reveal Nigeria’s external reserve position climbed marginally to $32.109 billion from $32.106 billion a few days earlier.