Naira Falls Massively To N590/$1 At Peer-to-Peer Market

Naira Falls Massively To N590/$1 At Peer-to-Peer Market

Flippstack reports that the exchange rate between the naira and the US dollar closed at N416.67/$1 at the Investors and Exporters (I&E) window Wednesday, 13th April 2022:

Naira depreciated marginally by 0.01% on Wednesday, 13th April 2022 to close at N416.67/$1 compared to N416.62/$1 recorded in the previous trading session. The downturn is following a 21.19% drop in FX supply at the official market as only $113.72 million exchanged hands.

Similarly, the exchange rate at the peer-to-peer market fell sharply to N590/$1 on Thursday morning, representing the highest rate recorded since we started tracking the market. It also represents a 0.51% depreciation compared to N587/$1 recorded in the previous trading session.

The exchange rate at the parallel market closed flat at N588/$1 on Wednesday, declining by 0.17% compared to N587/$1 traded in the previous day. This is according to information obtained from BDCs operating in Nigeria.

Meanwhile, Nigeria’s foreign reserve improved by 0.02% to stand at $39.71 billion compared to $39.7 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.

While Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.67/$1 on Wednesday, 13th April 2022, representing a 0.01% depreciation compared to N416.67/$1 recorded in the previous trading session.

• The opening indicative rate closed at N416.17/$1 on Wednesday, 13th April 2022, which is the same as the previous day.
• An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.67/$1, while it sold for as low as N410/$1 during intra-day trading,
• A total of $133.72 million was traded in FX at the official Investors and Exporters window on Wednesday.
• According to the data from the FMDQ, forex turnover decreased by 21.19% from $144.29 million recorded on Tuesday to $113.72 million on Wednesday, 13th April 2022.

Crypto market update

The crypto market started on a positive note on Thursday, 14th April 2022, gaining 0.25% to stand at $1.882 trillion in market capitalization. The movement in the market is attributed to the rally recorded in the price of bitcoin which has scaled back above $40,000.

As of press time on Thursday, bitcoin had gained 0.32% to trade at $41,277.97, while the second most capitalized crypto asset, Ethereum dipped by 0.3% to trade at $3,109.68.

Meanwhile, Solana gained 1.32% to trade at $106.31, Terra gained 0.47% to trade at $88.3474, while Uniswap remained flat at $9.66.

Naira Falls Massively To N590/$1 At Peer-to-Peer Market