Naira gains big against USD at P2P FX market

Thursday 7th April 2022: The exchange rate between the naira and the US dollar closed at N416.67/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

However, at the peer-to-peer market, the exchange rate appreciated significantly to trade at N576/$1 on Friday morning, which is the highest level recorded since 10th March 2022, when naira was traded at N575 to a dollar.

On the one 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.

Meanwhile, Nigeria’s foreign reserve increased for the third day in a row, improving by 0.07% to stand at $39.63 billion compared to $39.6 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 N416.67/$1 on Thursday, 7th April 2022, representing a 0.04% depreciation compared to N416.5/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N415.81/$1 on Thursday, 7th April 2022, appreciating by 49 kobo compared to N416.3 recorded on Wednesday.
  • 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 $112.03 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 decreased by 27.8% from $155.16 million recorded on Wednesday to $112.03 million on Thursday, 7th April 2022.

Crypto market update

The crypto market on Friday morning started trading activities on a positive note, printing a 0.68% increase in the industry market capitalization to stand at $1.995 trillion.

In the same vein, bitcoin gained 0.5% to trade at 43,673.79, second-most capitalized crypto asset, Ethereum gained 1.3% to trade at $3,269.5.

Also, Solana followed in a positive direction with a 2.33% gain to trade at $121.2275, Terra gained 1.76% to trade at $105.35966, while Uniswap recorded a 0.29% appreciation to trade at $10.47.

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