Naira falls at official window despite significant improvement in dollar supply

Written by on April 6, 2022

Tuesday 5th April 2022: The exchange rate between the naira and the US dollar closed at N416.83/$1 at the official Investors and Exporters (I&E) window.

Naira depreciated against the US dollar on Tuesday to close at N416.83/$1 at the official window, despite improved dollar supply at the FX market. Exchange rate depreciated by 0.05% compared to N416.63/$1 recorded in the previous trading session.

On the hand, the exchange rate at the parallel market closed flat at N588/$1, the same as recorded in the previous trading session. This is according to information obtained from BDCs operating in Nigeria.

Naira depreciated marginally against the US dollar on Wednesday morning, trading at a minimum of N583 to a dollar compared to N582/$1 recorded in the previous trading session, representing a depreciation of 0.17%.

Meanwhile, Nigeria’s foreign reserve appreciated marginally on Monday with a 0.003% increase to stand at $39.57 billion compared to $39.54 billion recorded as of the previous day. Meanwhile, 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.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.83/$1 on Tuesday, 5th April 2022, representing a 0.05% depreciation compared to N416.63/$1 recorded on Monday.

  • The open indicative rate also closed at N415.92/$1 on Tuesday, 5th April 2022.
  • An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.83/$1, while it sold for as low as N410/$1 during intra-day trading,
  • A total of $106.5 million was traded in FX at the official Investors and Exporters window on Tuesday.
  • According to the data from the FMDQ, forex turnover improved by 151.23 from $42.39 million recorded on Monday to $106.5 million on Tuesday, 5th April 2022.

Crypto market update

The Cryptocurrency market on Wednesday morning started on a bearish note, as the industry market capitalization depreciated by 0.51% to stand at $2.067 trillion as of 6:15am (WAT) on Wednesday, 6th April 2022.

Bitcoin moved in the same direction with a 0.02% decrease to trade at $45,499.97, while Ethereum with a 1.17% downturn traded at $3.368.15.

Also, Solana traded flat at $126,8475, Terra gained 1.08% to $117.467, while Uniwap dipped 1.26% to trade at $10.98.

Appeared first on Nairametrics.


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