Exchange rate gains at official market as external reserve records rare improvement 

Wednesday, 8th June 2022: The exchange rate between the naira and the US dollar closed at N420.25/$1 at the Investors and Exporters (I&E) window.

Naira appreciated marginally at the official Investors and Exporters window by 0.12% from N420.75/$1 recorded on Tuesday, 7th June 2022 to close at N420.25/$ on Wednesday. Forex supply in the market declined by 26.9% to $82.6 million from $113.12 million recorded in the previous trading session.

Meanwhile, the exchange rate remained stable at the parallel market, closing at N606 to a dollar on Wednesday, the same as recorded in the past three trading sessions. This is according to information from BDC operators in Nigeria.

The exchange rate at the P2P market remained stable on Thursday, as it traded at a minimum of N604.5/$1, which is the same recorded in the previous trading session.

Meanwhile, Nigeria’s external reserves appreciated by 0.11% on Tuesday, 7th June 2022 to stand at $38.46 billion from $38.42 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.

Trading at the official NAFEX window 

The exchange rate appreciated by 0.12% on Wednesday to close at N420.25/$1 from N420.75/$1 recorded on Tuesday.

  • The opening indicative rate closed at N420.15/$1 on Wednesday, 8th June 2022, at 5 kobo depreciation compared to N420.1/$1 recorded on Tuesday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.25/$1, while it sold for as low as N413/$1 during intra-day trading.
  • A total of $82.6 million in FX value was traded in the official I&E window on Wednesday, representing a 26.98% decrease compared to $113.12 million traded in the previous trading session.

Crypto market update 

  • The crypto market begins trading on Thursday on a positive note, following the pullback recorded in the previous trading session, after Luna/USD dipped 21.17% and Uniswap recorded a decline of 2.23%.
  • However, in the early trading hours of Thursday morning, the industry market capitalization had gained 0.39% to stand at $1.222 trillion, as bitcoin also rose by 0.47% to trade at $30,328.73.
  • Similarly, Ethereum gained 0.43% to trade at $1,798.36, Solana gained 0.52% to trade at $38.985, while Uniswap with a 1.14% gain trades at $5.135. Luna/USD on the other hand, recorded a massive boost on Thursday, gaining 43.08% to trade at $0.00007154.

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