Naira And Dollar Exchange Rate Maintains Stability At Official I&E Window

Naira And Dollar Exchange Rate Maintains Stability At Official I&E Window

The exchange rate between the naira and the US dollar closed at N417/$1 at the official Investors and Exporters (I&E) window on Wednesday.

The exchange rate closed flat at N417/$1 at the I&E official forex market, despite improved dollar supply in the market. FX turnover increased by 50.56% on Wednesday to $147.41 million.

Similarly, 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.

Meanwhile, Nigeria’s foreign reserve appreciated further on Tuesday for the fourth consecutive day with 0.003% increase to stand at $39.55 billion compared to the $39.549 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.

Naira depreciated marginally against the US dollar on Thursday morning, trading at a minimum of N585 to a dollar compared to N584/$1 recorded in the previous trading session, representing a depreciation of 0.17%.

While At Official NAFEX window

The exchange rate at the Investors and Exporters window closed at N417/$1 on Wednesday, 30th March 2022, which is the same as recorded in the previous trading session.

The opening indicative rate also closed flat at N416.25/$1 on Wednesday, 30th March 2022.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N417/$1, while it sold for as low as N410/$1 during intra-day trading,

A total of $147.41 million was traded in FX at the official Investors and Exporters window on Wednesday.

According to the data from the FMDQ, forex turnover improved by 50.56% from $97.91 million recorded on Tuesday to $147.41 million on Wednesday, 30th March 2022.

Crypto Market

The Cryptocurrency market on Thursday morning started on a positive note, as the industry market capitalization appreciated by 0.51% to stand at $2.119 trillion as of 6:15 am (WAT) on Thursday.

Bitcoin moved in the same direction with a 0.06% increase to trade at $47,101, while Ethereum with a 0.36% gain traded at $3.398.52.

Also, Solana recorded a 0.72% price increase to trade at $121.7175, Terra gained 1.04% to $107.1015, while Uniwap gained 2.73% to trade at $12.07.

Naira To Dollar Exchange Rate Maintains Stability At Official I&E Window