Naira falls at official market regardless of improved foreign exchange liquidity

Naira falls at official market regardless of improved foreign exchange liquidity

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

Naira weakened in opposition to the US greenback on Thursday regardless of the advance within the provide of FS within the official market. The alternate 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 Change 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 alternate 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 alternate 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 sixteenth June 2022.

Nigeria’s overseas 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 development because of the steady intervention of the Central Financial institution within the overseas alternate market in an effort to guarantee the soundness of the native foreign money.

Buying and selling on the official NAFEX window

  • The alternate 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 alternate fee of N444/$1 was the best alternate fee recorded throughout intraday buying and selling earlier than settling at N420.5$1, whereas it offered 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 alternate fee between the naira and the US greenback closed at N420.75/$1 on the Buyers and Exporters (I&E) window.

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, which is its lowest stage since Might 16, 2022 The native foreign money drop comes regardless of a 129.7% enhance in overseas alternate turnover to $113.12 million within the I&E window.

In the meantime, the alternate 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 alternate 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 alternate fee appreciation of 0.25%.

In the meantime, Nigeria’s overseas 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 because of the Central Financial institution’s continued intervention within the overseas alternate market to make sure the soundness of the native foreign money.

Buying and selling on the official NAFEX window

The alternate fee depreciated 0.12% on Tuesday to shut at N420.75/$1 from N420.25/$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 alternate fee of N444/$1 was the best alternate fee recorded throughout intraday buying and selling earlier than settling at N420.75/$1, whereas it was offered 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 observe because the business capitalization declined 1.75% to face at $1.22 trillion.
  • Bitcoin, probably the most capitalized crypto asset, 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 worth to commerce at $38,835, Uniswap was down 1.36% to commerce at $5,146, whereas Luna alternatively gained 1.03% to commerce at $0.00006466.

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