Exchange rate appreciates at I&E window as bitcoin loses 520 basis points
Wednesday April 6, 2022: The Naira to US Dollar exchange rate closed at N416.5/$1 at the Investors & Exporters (I&E) desk, where forex is officially traded.
The naira recorded a marginal gain against the US dollar on Wednesday to close at 416.5 naira/$1 at the official counter, against 416.83 naira/$1 recorded in the previous trading session, representing an appreciation of 0 .08%.
On the other hand, the exchange rate on the parallel market closed at N588/$1, the same as recorded in the previous trading session. This is according to information obtained from BDCs operating in Nigeria.
The naira depreciated against the US dollar in the P2P market on Thursday morning, trading at a low of 584.1 naira per dollar compared to 583 naira/$1 recorded in the previous trading session, this which represents a depreciation of 0.189%.
Meanwhile, Nigeria’s foreign exchange reserves rose for the second day in a row, improving 0.09 percent to $39.6 billion from $39.57 billion recorded a day earlier. At the same time, the Central Bank continued to intervene in the official foreign exchange market from the external reserve in order to maintain the stability of the local currency.
Negotiate at the official NAFEX counter
The over-the-counter exchange rate for investors and exporters closed at N416.5/$1 on Wednesday, April 6, 2022, representing an appreciation of 0.08% from the N416.83/$1 recorded on Tuesday.
- The indicative opening rate closed at N416.3/$1 on Wednesday, April 6, 2022, which is the highest on record since March 24, 2022.
- An exchange rate of N444/$1 was the highest rate recorded in intraday trading before settling at N416.5/$1, when it sold off as low as 410 N/1$ during intraday transactions,
- A total of 155.16 million dollars was exchanged in foreign currency at the official window of investors and exporters on the day under review.
- According to data from the FMDQ, forex turnover improved by 45.69%, from $106.5 million recorded on Tuesday to $155.16 million on Wednesday, April 6, 2022.
Crypto Market Update
The cryptocurrency market closed in the red on Wednesday, with market capitalization down 6.24% to close at $1.948 trillion, largely due to the 5.2% drop in the price of bitcoin. , which closed at $43,138.62.
In a similar vein, Ethereum fell 6.98% to trade at $3,169.33 while Solana registered a decline of 10.99% to trade at $112.915. Terra’s price recorded a decline of 7.19% to close at $107.8899, while Uniwap with a decline of 10.52% closed at $9.95.