Foreign exchange provide surges by 135% to 8.1 million at I&E window

Foreign exchange provide surges by 135% to $108.1 million at I&E window

Tuesday, June 21, 2022: The trade fee between the naira and the US greenback closed at N420.28/$1 on the Traders and Exporters (I&E) window.

Naira closed stronger on Tuesday with a 0.25% achieve to shut at N420.28/$1 in comparison with N421.33/$1 recorded within the final two buying and selling classes. That is in line with data pulled from the FMDQ Alternate web site.

A complete of $108.06 million in FX worth exchanged palms on Tuesday versus $46.07 million that was traded the day earlier than, representing a rise of 134.6%.

The parallel market trade fee held regular on Tuesday, depreciating barely 0.17% to shut at N607/$1 from N606/$1 on the shut of enterprise on Monday. That is in line with data from BDC operators.

In the meantime, the peer-to-peer market trade fee depreciated 0.13% on Wednesday morning, buying and selling at N613/$1 in comparison with N612.19/$ on the identical time on Tuesday 21 June 2022.

Nigeria’s international reserves elevated by 0.25% on Monday, June 20, 2022, to $38.79 billion from $38.69 billion the day earlier than. The outside of the nation had been displaying a downward pattern as a result of steady intervention of the Central Financial institution within the international trade market in an effort to guarantee the steadiness of the native forex. Nevertheless, excessive crude oil costs have seen the reserve degree enhance.

Buying and selling on the official NAFEX window

  • The official market trade fee improved 0.25% on Tuesday to shut at N420.28 per greenback in comparison with N421.33/$1 on the shut of enterprise on Monday.
  • The indicative opening trade fee closed at N420.71/$1 on Tuesday, June 21, 2022, from N490.71/$1 recorded on Monday.
  • Moreover, an trade fee of N444/$1 was the best fee recorded throughout intraday buying and selling earlier than settling at N420.28/$1, whereas it bought for as little as N413/$1 throughout intraday buying and selling.
  • A complete of $108.06 million in FX worth was traded within the official I&E window on Tuesday, which is 134.6% increased than the $46.07 million that was traded within the earlier buying and selling session.

Naira closes flat on official market as foreign exchange provide plummets to $46.1 million

Monday, June 20, 2022: The trade fee between the naira and the US greenback closed at N421.33/$1 on the Traders and Exporters (I&E) window.

Naira was flat within the official Traders and Exporters window on Monday, closing on the identical fee as Friday of the earlier week at N421.33/$1. That is in line with data pulled from the FMDQ Alternate web site.

The quantity of FX that was traded within the I&E window plummeted considerably to its lowest degree in additional than two months at $46.07 million.

The parallel market trade fee held regular on Monday and grew barely stronger, having closed at N606/$1, from N607/$1 recorded on the shut of enterprise final week on Friday. That is in line with data from BDC operators.

In the meantime, the peer-to-peer market trade fee depreciated 0.15% on Tuesday morning, buying and selling at N612.19/$1 in comparison with N611.3/$ on the identical time on Monday. June 20, 2022.

Nigeria’s international reserves appreciated marginally by 0.08% on Friday, June 17, 2022, to $38.69 billion from $38.66 billion the day earlier than. The outside of the nation had been displaying a downward pattern as a result of steady intervention of the Central Financial institution within the international trade market in an effort to guarantee the steadiness of the native forex. Nevertheless, excessive crude oil costs have seen the reserve degree enhance.

Buying and selling on the official NAFEX window

  • The trade fee began the week on a steady word because the naira closed flat at N421.33/$1, the identical because it was recorded within the earlier buying and selling session.
  • The indicative opening fee closed at N419.71/$1 on Monday, June 20, 2022.
  • Moreover, an trade fee of N444/$1 was the best trade fee recorded throughout intraday buying and selling earlier than settling at N421.33/$1, whereas it bought for as little as N413/$1 throughout intraday buying and selling.
  • A complete of $46.07 million in FX worth was traded on the official I&E window on Monday, which is the bottom on report since April 4, 2022.

Naira falls on official market regardless of enhancing foreign exchange liquidity

Thursday, June 16, 2022: The trade fee between the naira and the US greenback closed at N420.5/$1 on the Traders and Exporters (I&E) window.

Naira weakened in opposition to the US greenback on Thursday regardless of the development within the provide of FS within the official market. The trade fee decreased 0.12% to shut at N420.5/$1 in comparison with N420/$1, which closed on Wednesday. That is in line with data pulled from the FMDQ Alternate web site.

The quantity of FX that was traded within the I&E window elevated by 9.41% to $136.35 million from $124.62 million that was traded within the earlier buying and selling session.

The parallel market trade fee was steady on Thursday, having closed at N607/$1, the identical recorded throughout the earlier buying and selling session. That is in line with data from BDC operators.

In the meantime, the peer-to-peer market trade fee appreciated by 0.45% on Friday morning, buying and selling at N607/$1 in comparison with N609.74/$ on the identical time on Thursday 16 Could. June 2022.

Nigeria’s international reserves appreciated marginally by 0.04% on Wednesday, June 15, 2022, to $38.63 billion from $38.62 billion the day earlier than. The outside of the nation had been displaying a downward pattern as a result of steady intervention of the Central Financial institution within the international trade market in an effort to guarantee the steadiness of the native forex.

Buying and selling on the official NAFEX window

  • The trade fee fell by 0.12% on Thursday, to shut at N420.5/$1 from N420/$1 recorded on Wednesday, June 15, 2022.
  • The indicative opening fee closed at N419.82/$1 on Friday, June 16, 2022, which represents a depreciation of 20 kobo in comparison with the N419.65/$1 recorded on Tuesday.
  • Moreover, an trade fee of N444/$1 was the best trade fee recorded throughout intraday buying and selling earlier than settling at N420.5$1, whereas it bought for as little as N413/$1 throughout intraday buying and selling.
  • A complete of $136.35 million in FX worth was traded on the official I&E window on Thursday, representing a rise of 9.41% in comparison with the $124.62 million traded within the earlier buying and selling session.

Naira falls to N420/$1 at I&E window regardless of moderations in parallel market

Tuesday, June 7, 2022: The trade fee between the naira and the US greenback closed at N420.75/$1 on the Traders and Exporters (I&E) window.

The naira depreciated 0.12% on Tuesday to shut at N420.75/$1 in comparison with N420.25/$1 recorded within the earlier buying and selling session, marking its lowest degree since Could 16, 2022. Native forex drop comes regardless of 129.7% enhance in international trade turnover to $113.12 million in I&E window.

In the meantime, the trade fee held regular within the parallel market, closing at N606 per greenback on Tuesday, the identical because it was within the final two buying and selling classes. That is in line with data from BDC operators in Nigeria.

The trade fee within the P2P market moderated additional on Wednesday, beginning the day as little as N601/$1, in comparison with N602.5/$1 on the identical time on Tuesday. This represents an trade fee appreciation of 0.25%.

In the meantime, Nigeria’s international reserves fell by 0.09% on Monday, June 4, 2022, to $38.42 billion from $38.46 billion the day earlier than. The nation’s exterior had been in recession since April 25, 2022 largely as a result of Central Financial institution’s continued intervention within the international trade market to make sure the steadiness of the native forex.

Buying and selling on the official NAFEX window

The trade fee depreciated 0.12% on Tuesday to shut at 420.75 naira/$1 from 420.25 naira/$1 on Monday.

  • The indicative opening fee closed at N420.1/$1 on Tuesday, June 7, 2022, the identical as recorded on Monday.
  • Moreover, an trade fee of N444/$1 was the best trade fee recorded throughout intraday buying and selling earlier than settling at N420.75/$1, whereas it was bought for as little as N413/$1 throughout intraday buying and selling.
  • A complete of $113.12 million in FX worth was traded on the official I&E window on Tuesday, a rise of 129.73% in comparison with the $49.24 million traded within the earlier buying and selling session.

Crypto Market Replace

  • Regardless of yesterday’s rally within the cryptocurrency market, the market resumed buying and selling on Wednesday on a bearish word because the trade capitalization declined 1.75% to settle at $1.22 trillion.
  • Essentially the most capitalized crypto asset, bitcoin, additionally noticed a decline of two.69% to commerce at $30,287.34, whereas Ethereum, down 1.37%, traded at $1,787.22 as of 5:20 a.m. ( WAT).
  • Equally, Solana posted a 1.18% drop in value to commerce at $38,835, Uniswap was down 1.36% to commerce at $5,146, whereas Luna however gained 1.03% to commerce at $0.00006466.

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