Wednesday 6th April 2022: The exchange rate between the naira and the US dollar closed at N416.5/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
Naira recorded a marginal gain against the US dollar on Wednesday to close at N416.5/$1 at the official window compared to N416.83/$1 recorded in the previous trading session, which represents a 0.08% appreciation.
On the hand, 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.
Naira depreciated against the US dollar at the P2P market on Thursday morning, trading at a minimum of N584.1 to a dollar compared to N583/$1 recorded in the previous trading session, representing a depreciation of 0.189%.
Meanwhile, Nigeria’s foreign reserve increased for the second day in a row, improving by 0.09% to stand at $39.6 billion compared to $39.57 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.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416.5/$1 on Wednesday, 6th April 2022, representing a 0.08% appreciation compared to N416.83/$1 recorded on Tuesday.
The opening indicative rate closed at N416.3/$1 on Wednesday, 6th April 2022, which is the highest recorded since 24th March 2022.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.5/$1, while it sold for as low as N410/$1 during intra-day trading,
A total of $155.16 million was traded in FX at the official Investors and Exporters window on the day under review.
According to the data from the FMDQ, forex turnover improved by 45.69% from $106.5 million recorded on Tuesday to $155.16 million on Wednesday, 6th April 2022.
Crypto market update
The cryptocurrency market closed on Wednesday on the reds, as the market capitalization declined by 6.24% to close at $1.948 trillion, largely attributed to the 5.2% decline in the price of bitcoin, which closed at $43,138.62.
In the same vein, Ethereum dipped 6.98% to trade at $3,169.33 as Solana recorded a decline of 10.99% to trade at $112.915. The price of Terra recorded a 7.19% decline to close at $107.8899, while Uniwap with a dip of 10.52% closed at $9.95.
The post Exchange rate appreciates at I&E window as bitcoin loses 520bps appeared first on Nairametrics.
