Naira depreciated marginally against the US dollar at the official market on Thursday, with a 0.01% decline to close at N424.62/$1, despite a 44.56% increase in forex turnover. Specifically, a total of $87.95 million in FX value exchanged hands in the market on Thursday compared to $60.84 million that was traded in the previous trading session.
Also, the exchange rate at the peer-to-peer market depreciated by 0.29% on Friday morning to trade at a minimum of N622.25/$1 compared to N620.41/$1 recorded on Thursday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.
On the other hand, the exchange rate at the parallel market remained flat on Thursday, closing at N618/$, the same as recorded in the previous trading session. This is according to information from Bureau De Change operators.
Nigeria’s external reserves increased by 0.17% on Wednesday, 13th July 2022 to stand at $39.42 billion from $39.35 billion recorded the previous day. This represents the 24th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
- The exchange rate at the official market depreciated slightly on Thursday, 14th July 2022, dropping by 0.01% to close at N424.62 to a dollar as against the N426.58/$1 recorded on Wednesday, 13th July 2022.
- The opening indicative rate closed at N424.3/$1 on Thursday, 14th July 2022, from N424.4/$1 recorded in the previous trading session.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N424.62/$1, while it traded as low as N414/$1 during intra-day trading.
- A total of $87.95 million in FX value exchanged hands on Thursday, which is 44.56% higher than the $60.84 million that was traded in the previous trading session.
Naira falls to N620/$1 at peer-to-peer market as FX scarcity persists
Tuesday, 13th July 2022: The exchange rate between the naira and the US dollar closed at N424.58/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Naira appreciated slightly against the US dollar at the official market on Wednesday, with a 0.36% gain to close at N424.58/$1, following a 25.01% increase in forex turnover. Specifically, a total of $60.84 million in FX value exchanged hands in the market on Wednesday compared to $48.67 million that was traded in the previous trading session.
On the other hand, the exchange rate at the parallel market depreciated to N618/$1 on Wednesday, falling by 0.49% compared to N615/$1 recorded on Friday, the previous week. This is according to information from Bureau De Change operators.
Also, the exchange rate at the peer-to-peer market depreciated by 0.72% on Thursday morning to trade at a minimum of N620.41/$1 compared to N616/$1 recorded on Wednesday morning. This is the highest rate recorded at the unofficial market, according to data tracked by Nairalytics.
Nigeria’s external reserves increased by 0.03% on Friday, 8th July 2022 to stand at $39.35 billion from $39.34 billion recorded the previous day. This represents the 23rd straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
- The exchange rate at the official market appreciated on Wednesday, 13th July 2022, gaining 0.36% to close at N424.58 to a dollar as against the N426.13/$1 recorded on Friday, 8th July 2022.
- The opening indicative rate closed at N424.4/$1 on Wednesday, 13th July 2022, from N423.85/$1 recorded in the previous trading session.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N424.58/$1, while it traded as low as N411.42/$1 during intra-day trading.
- A total of $60.84 million in FX value exchanged hands on Wednesday, which is 25.01% higher than the $46.67 million that was traded in the previous trading session.
Naira falls at I&E window despite massive improvement in dollar supply
Thursday, 7th July 2022: The exchange rate between the naira and the US dollar closed at N428.16/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Naira depreciated against the US dollar at the official market on Thursday, with a 0.1% decline to close at N428.16/$1 despite a 172.95% surge in the amount of forex that was traded in the market. Specifically, forex turnover improved to $222.84 million, the highest recorded since 2nd June 2022.
However, the exchange rate at the parallel market remained flat at N616/$1, the same as recorded in the previous trading session. This is according to information from Bureau De Change operators.
Also, the exchange rate at the peer-to-peer market depreciated marginally by 0.03% on Friday morning to trade at a minimum of N618.2/$1 compared to N618/$1 recorded on Thursday morning.
Nigeria’s external reserves increased by 0.17% on Wednesday, 6th July 2022 to stand at $39.34 billion from $39.27 billion recorded the previous day. This represents the 21st straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
The exchange rate at the official market depreciated on Thursday, 7th July 2022, falling by 0.1% to close at N428.16 to a dollar as against the N427.75/$1 recorded on Wednesday, 6th July 2022.
- The opening indicative rate closed at N426.31/$1 on Thursday, 7th July 2022, from N423.85/$1 recorded in the previous trading session.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N428.16/$1, while it traded as low as N413.5/$1 during intra-day trading.
- A total of $222.84 million in FX value exchanged hands on Thursday, which is 222.84% higher than the $81.64 million that was traded in the previous trading session.
Naira falls to N431/$1 at the official forex market
Wednesday, 6th July 2022: The exchange rate between the naira and the US dollar closed at N427.75/$1 at the Investors and Exporters (I&E) window, reaching a peak of N431/$1.
Naira recorded a 0.52% appreciation against the US dollar on Wednesday to close at N427.75/$1 after hitting a year-to-date high on Tuesday, 5th July 2022 at N430/$1. Similarly, a total of $81.64 million exchange hands in the official market on Wednesday, according to information obtained from FMDQ website.
The exchange rate at the parallel market depreciated on Wednesday, closing at N616/$1 compared to N613/$1 recorded on Tuesday, 5th July 2022. Bureau De Change operators who spoke to Nairametrics attributed the downturn to forex scarcity and increased demand.
Similarly, the exchange rate at the peer-to-peer market depreciated marginally by 0.16% on Thursday morning to trade at a minimum of N618/$1 compared to N617/$1 recorded on Wednesday morning.
Nigeria’s external reserves increased by 0.04% on Tuesday, 5th July 2022 to stand at $39.27 billion from $39.25 billion recorded the previous day. This represents the 20th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
- The exchange rate at the official market moderated on Wednesday, appreciating by 0.52% to close at N427.75 to a dollar as against the N430/$1 recorded on Tuesday, 5th July 2022.
- The opening indicative rate closed at N423.85/$1 on Wednesday, 6th July 2022, from N422.71/$1 recorded in the previous trading session.
- Furthermore, an exchange rate of N431/$1 was the highest rate recorded during intra-day trading before it settled at N427.75/$1, while it traded as low as N413/$1 during intra-day trading.
- A total of $81.64million in FX value was traded in the official I&E window on Wednesday.
Naira falls across FX markets as dollar supply dips significantly
Monday, 4th July 2022: The exchange rate between the naira and the US dollar closed at N425.75/$1 at the Investors and Exporters (I&E) window, representing the lowest level recorded year-to-date.
Naira depreciated further against the US dollar on Monday, starting the week with a 0.18% depreciation to close at N425.75/$1 compared to N425/$1 recorded in the previous trading sessions. In the same vein, the total forex supply declined by 39.69% to $47.56 million, the lowest in two seeks.
The exchange rate at the parallel market depreciated marginally on Monday, closing at N613/$1 compared to N612/$1 recorded as of Friday, 1st July 2022. Bureau De Change operators who spoke to Nairametrics attributed the downturn to forex scarcity and increased demand.
Similarly, the exchange rate at the peer-to-peer market depreciated marginally by 0.09% on Tuesday morning to trade at a minimum of N616.49/$1 compared to N615.9/$1 recorded on Monday morning.
Nigeria’s external reserves increased by 0.05% on Friday, 1st July 2022 to stand at $39.17 billion from $39.16 billion recorded the previous day. This represents the 18th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
The exchange rate at the official market fell further on Monday, depreciating by 0.18% to close at N425.75 to a dollar as against the N425/$1 recorded on Friday, 1st July 2022.
- The opening indicative rate closed at N422.25/$1 on Monday, 4th July 2022, from N421.6/$1 recorded in the previous trading session.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N425.75/$1, while it traded as low as N413/$1 during intra-day trading.
- A total of $47.56 million in FX value was traded in the official I&E window on Monday, which is 39.69% lower than the $78.86 million that exchanged hands in the previous trading session.
Naira closes week weaker as black market rate hits N615/$
The exchange rate between the naira and the US dollar closed the week weaker at the official Investor and Exporter window, closing at N425/$1 on Friday, 1st July 2022 compared to N420.13/$1 recorded in the previous week.
This is according to Nairalytics exchange tracker culled from the website of FMDQ. Naira depreciated by 1.2% week-on-week against the US dollar. Meanwhile, the total amount of FX traded in the market increased marginally by 6.27% to $627.94 million in the review week compared to $590.91 million that exchanged hands in the previous week.
On the other hand, naira closed the week at N612/$1 at the parallel market from N610/$ recorded at the close of the previous week, hitting a record N615/$1 during the week. Also, the exchange rate closed at N615/$1 at the peer-to-peer market from N612.59/$ recorded last week.
Trading at the official NAFEX window
- The exchange rate at the official market fell further in the review week, depreciating by 1.2% to close at N425 to a dollar as against the N420.13/$1 recorded on Friday, 24th June 2022.
- The opening indicative rate closed at N421.6/$1 on Friday, 1st July 2022, from N419.79/$1 recorded the previous Friday.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during the week trading before it settled at N425/$1, while it traded as low as N410/$1 during intra-day trading.
- A total of $627.94 million in FX value was traded in the official I&E window during the week, which is 6.27% higher than the $590.91 million that exchanged hands in the previous week.
- Nigeria’s currency has been faced with immense pressure from decline in export earnings and surging FX demand in the country, leading to tightened forex liquidity. A cursory check shows that the exchange rate has depreciated to its highest level year-to-date at the official market despite constant CBN interventions.
- On the flip side, the local currency has declined by 8.3% year-to-date at the black market, starting the year at N565/$1, now trading at N612/$.
Naira falls further at the official market as forex turnover declines
Thursday, 30th June 2022: The exchange rate between the naira and the US dollar closed at N425.05/$1 at the Investors and Exporters (I&E) window, representing the lowest level recorded year-to-date.
Naira depreciated further against the US dollar on Thursday, falling by 0.04% to close at N425.05/$1 compared to N424.88/$1 recorded in the previous trading sessions. In the same vein, the total forex supply declined by 32.1% to $76.64 million from $112.83 million that exchanged hands in the previous trading session.
The exchange rate at the parallel market remained flat on Thursday to close at N615/$1, the same as recorded in the previous trading session. This is according to information from BDC operators. This is the lowest level that the local currency has fallen, as BDC operators attributed the downturn to forex scarcity and increased demand.
Similarly, the exchange rate at the peer-to-peer market appreciated marginally by 0.19% on Friday morning to trade at N615/$1 compared to N616.15/$1 recorded on Thursday morning.
Nigeria’s external reserves increased by 0.1% on Wednesday, 29th June 2022 to stand at $39.13 billion from $39.09 billion recorded the previous day. This represents the 16th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
- The exchange rate at the official market fell further on Thursday, depreciating by 0.04% to close at N425.05 to a dollar as against the N424.88/$1 recorded on Wednesday, 29th June 2022.
- The opening indicative rate closed at N420.96/$1 on Thursday, 30th June 2022, from N421.8/$1 recorded on Wednesday.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N425.05/$1, while it traded as low as N413/$1 during intra-day trading.
- A total of $76.64 million in FX value was traded in the official I&E window on Thursday, which is 32.07% lower than the $112.83 million that exchanged hands in the previous trading session.
Official exchange rate (NAFEX) falls to lowest level year-to-date
Wednesday, 29th June 2022: The exchange rate between the naira and the US dollar closed at N424.88/$1 at the Investors and Exporters (I&E) window.
Naira depreciated against the US dollar on Wednesday, falling by 0.8% to close at N424.88/$1 compared to N421.5/$1 recorded in the previous trading sessions. This represents the lowest level reached by the local currency between January to date as FX shortages linger.
A total of $112.83 million in FX value was traded on Wednesday as against the $206.65 million that was traded on Tuesday, 28th June 2022, representing a 45.4% decrease. This is according to information from the website the FMDQ Exchange.
The exchange rate at the parallel market remained flat on Wednesday to close at N615/$1 on Wednesday, the same as recorded in the previous trading session. This is according to information from BDC operators. This is the lowest level that the local currency has fallen, as BDC operators attributed it to forex scarcity and increased demand.
Similarly, the exchange rate at the peer-to-peer market appreciated marginally by 0.19% on Thursday morning to trade at N616.15/$1 compared to N617.29/$1 recorded on Wednesday morning.
Nigeria’s external reserves increased by 0.1% on Tuesday, 28th June 2022 to stand at $39.09 billion from $39.06 billion recorded the previous day. This represents the 15th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
- The exchange rate at the official market fell big on Wednesday, depreciating by 0.8% to close at N424.88 to a dollar as against the N421.5/$1 recorded on Tuesday, 28th June 2022.
- The opening indicative rate closed at N421.8/$1 on Wednesday, 29th June 2022, from N420.7/$1 recorded on Tuesday.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N424.88/$1, while it traded as low as N410/$1 during intra-day trading.
- A total of $112.83 million in FX value was traded in the official I&E window on Wednesday, which is 45.4% lower than the $206.65 million that exchanged hands in the previous trading session.
Exchange rate appreciates at I&E window as forex supply rises to 3-week high
Thursday, 23rd June 2022: The exchange rate between the naira and the US dollar closed at N420/$1 at the Investors and Exporters (I&E) window.
Naira gained against the US dollar on Thursday, reaching its highest level in the week to close at N420.17/$1, representing a 0.08% appreciation compared to N420.5/$1 recorded in the previous trading session. This is according to information from the website the FMDQ Exchange.
A total of $201.81 million in FX value was traded on Thursday as against the $71.99 million that was traded in the previous day, representing a 180.33% increase.
The exchange rate at the parallel market depreciated by 0.66% to close at N611/$1 on Thursday morning, from N607/$1 recorded as of the previous trading session. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market remained stable, trading at N612.59 to a dollar on Friday morning, representing a 0.04% depreciation compared to N612.85/$1 recorded as of the same time on Thursday.
Nigeria’s external reserves increased by 0.08% on Wednesday, 22nd June 2022 to stand at $38.85 billion from $38.82 billion recorded the previous day. This represents the 11th straight day of improvement for the nation’s foreign reserve.
The external reserve had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
The exchange rate at the official market recorded a slight gain on Thursday, appreciated by 0.08% to close at N420.17 to a dollar as against the N420.5/$1 recorded on Wednesday, 23rd June 2022.
- The opening indicative rate closed at N419.79/$1 on Thursday, 23rd June 2022, from N419.46/$1 recorded on Wednesday.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.17/$1, while it traded as low as N410/$1 during intra-day trading.
- A total of $201.81 million in FX value was traded in the official I&E window on Thursday, which is 180.33% higher than the $71.99 million that exchanged hands in the previous trading session.
Naira falls to N611/$1 at the black market as FX liquidity tightens
The exchange rate between the naira and the US dollar closed at N420.5/$1 at the Investors and Exporters (I&E) window.
Naira closed slightly weaker on Wednesday with a 0.05% depreciation to close at N420.5/$1 compared to N420.28/$1 recorded in the previous trading session. This is according to information from the website the FMDQ Exchange.
A total of $71.99 million in FX value exchanged hands on Wednesday as against the $108.06 million that was traded in the previous day, representing a 33.38% decrease.
The exchange rate at the parallel market depreciated by 0.66% to trade at N611/$1 on Thursday morning, from N607/$1 recorded as of the previous trading session. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market recorded a slight uptick on Thursday morning, trading at N612.85/$1 compared to N613/$ recorded as of the same time on Wednesday, 22nd June 2022.
Nigeria’s external reserves increased by 0.07% on Tuesday, 21st June 2022 to stand at $38.82 billion from $38.79 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
- The exchange rate at the official market depreciated marginally by 0.05% on Wednesday to close at N420.5/$1 compared to N420.28/$1 recorded as of close of trade on Tuesday.
- The opening indicative rate closed at N419.46/$1 on Wednesday, 22nd June 2022, from N420.71/$1 recorded on Tuesday.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.5/$1, while it traded for as low as N412/$1 during intra-day trading.
- A total of $71.99 million in FX value was traded in the official I&E window on Wednesday, which is 33.38% lower than the $108.06 million that exchanged hands in the previous trading session.
Forex supply surges by 135% to $108.1 million at I&E window
Tuesday, 21st June 2022: The exchange rate between the naira and the US dollar closed at N420.28/$1 at the Investors and Exporters (I&E) window.
Naira closed stronger on Tuesday with a 0.25% gain to close at N420.28/$1 compared to N421.33/$1 recorded in the last two trading sessions. This is according to information culled from the website the FMDQ Exchange.
A total of $108.06 million in FX value exchanged hands on Tuesday as against the $46.07 million that was traded in the previous day, representing a surge of 134.6%
The exchange rate at the parallel market remained stable on Tuesday, depreciated slightly by 0.17% to close at N607/$1 from N606/$1 recorded as of the close of trading activities on Monday. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market depreciated by 0.13% on Wednesday morning, trading at N613/$1 compared to N612.19/$ recorded as of the same time on Tuesday, 21st June 2022.
Nigeria’s external reserves increased by 0.25% on Monday, 20th June 2022 to stand at $38.79 billion from $38.69 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
- The exchange rate at the official market improved by 0.25% on Tuesday to close at N420.28 to a dollar compared to N421.33/$1 recorded as of close of trade on Monday.
- The opening indicative rate closed at N420.71/$1 on Tuesday, 21st June 2022, from N490.71/$1 recorded on Monday.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.28/$1, while it sold for as low as N413/$1 during intra-day trading.
- A total of $108.06 million in FX value was traded in the official I&E window on Tuesday, which is 134.6% higher than the $46.07 million that exchanged hands in the previous trading session.
Naira closes flat at official market as FX supply crashes to $46.1 million
Monday, 20th June 2022: The exchange rate between the naira and the US dollar closed at N421.33/$1 at the Investors and Exporters (I&E) window.
Naira remained stable at the official Investors and Exporters window on Monday, closing at the same rate as it did on Friday of the previous week at N421.33/$1. This is according to information culled from the website the FMDQ Exchange.
The amount of FX that was traded in the I&E window crashed significantly to its lowest in over two months at $46.07 million.
The exchange rate at the parallel market remained stable on Monday grew slightly stronger, having closed at N606/$1, from N607/$1 recorded as of the close of trading activities last week on Friday. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market depreciated by 0.15% on Tuesday morning, trading at N612.19/$1 compared to N611.3/$ recorded as of the same time on Monday, 20th June 2022.
Nigeria’s external reserves appreciated marginally by 0.08% on Friday, 17th June 2022 to stand at $38.69 billion from $38.66 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency. However, elevated crude oil prices have seen the reserve level improve.
Trading at the official NAFEX window
- The exchange rate started the week on a stable note as the naira closed flat at N421.33/$1, the same as recorded in the previous trading session.
- The opening indicative rate closed at N419.71/$1 on Monday, 20th June 2022.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N421.33/$1, while it sold for as low as N413/$1 during intra-day trading.
- A total of $46.07 million in FX value was traded in the official I&E window on Monday, which is the lowest recorded since 4th April 2022.
Naira falls at official market despite improved forex liquidity
Thursday, 16th June 2022: The exchange rate between the naira and the US dollar closed at N420.5/$1 at the Investors and Exporters (I&E) window.
Naira grew weaker against the US dollar on Thursday despite improvement in FS supply at the official market. The exchange rate declined by 0.12% to close at N420.5/$1 compared to N420/$1, which it closed on Wednesday. This is according to information culled from the website the FMDQ Exchange.
The amount of FX that was traded in the I&E window increased by 9.41% to $136.35 million from $124.62 million that exchanged hands in the previous trading session.
The exchange rate at the parallel market remained stable on Thursday, having closed at N607/$1, the same as recorded during the previous trading session. This is according to information from BDC operators.
Meanwhile, the exchange rate at the peer-to-peer market appreciated by 0.45% on Friday morning, trading at N607/$1 compared to N609.74/$ recorded as of the same time on Thursday, 16th June 2022.
Nigeria’s external reserves appreciated marginal by 0.04% on Wednesday, 15th June 2022 to stand at $38.63 billion from $38.62 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.
Trading at the official NAFEX window
- The exchange rate fell by 0.12% on Thursday, to close at N420.5/$1 from N420/$1 recorded on Wednesday, 15th June 2022.
- The opening indicative rate closed at N419.82/$1 on Friday, 16th June 2022, representing a 20 kobo depreciation compared to N419.65/$1 recorded on Tuesday.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.5 $1, while it sold for as low as N413/$1 during intra-day trading.
- A total of $136.35 million in FX value was traded in the official I&E window on Thursday, representing a 9.41% increase compared to $124.62 million traded in the previous trading session.
Naira falls to N420/$1 at I&E window despite moderations at parallel market
Tuesday, 7th June 2022: The exchange rate between the naira and the US dollar closed at N420.75/$1 at the Investors and Exporters (I&E) window.
Naira recorded a 0.12% depreciation on Tuesday to close at N420.75/$1 compared to N420.25/$1 recorded in the previous trading session, representing its lowest level since 16th of May 2022. The fall in the local currency is despite the 129.7% surge in forex turnover to $113.12 million at the I&E window.
Meanwhile, the exchange rate remained stable at the parallel market, closing at N606 to a dollar on Tuesday, the same as recorded in the past two trading sessions. This is according to information from BDC operators in Nigeria.
The exchange rate at the P2P market moderated further on Wednesday, starting the day as low as N601/$1, compared to N602.5/$1 recorded as of the same time on Tuesday. This represents a 0.25% appreciation of the exchange rate.
Meanwhile, Nigeria’s external reserves fell by 0.09% on Monday, 4th June 2022 to stand at $38.42 billion from $38.46 billion recorded the previous day. The nation’s external had been on a downturn since 25th April 2022 largely due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.
Trading at the official NAFEX window
The exchange rate depreciated by 0.12% on Tuesday to close at N420.75/$1 from N420.25/$1 recorded on Monday.
- The opening indicative rate closed at N420.1/$1 on Tuesday, 7th June 2022, the same as recorded on Monday.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.75/$1, while it sold for as low as N413/$1 during intra-day trading.
- A total of $113.12 million in FX value was traded in the official I&E window on Tuesday, representing a 129.73% increase compared to $49.24 million traded in the previous trading session.
Crypto market update
- Despite the recovery posted in the cryptocurrency market yesterday, the market resumed trading activities on Wednesday on a bearish note as the industry capitalization declined by 1.75% to stand at $1.22 trillion.
- The most capitalized crypto asset, bitcoin also recorded a 2.69% decline to trade at $30,287.34, while Ethereum with a decline of 1.37% traded at $1,787.22 as of 5:20am (WAT).
- Similarly, Solana recorded a 1.18% decline in price to trade at $38.835, Uniswap dipped 1.36% to trade at $5.146, while Luna on the other hand, gained 1.03% to trade at $0.00006466.
