Thursday, April 7th, 2022: At the Investors and Exporters (I&E) window, where currency is officially transacted, the exchange rate between the naira and the US dollar closed at N416.67/$1.
However, the exchange rate on the peer-to-peer market increased dramatically on Friday morning, reaching N576/$1, the highest amount since March 10, 2022, when the naira was traded at N575 per dollar.
Meanwhile, Nigeria’s foreign reserve rose for the third day in a row, up 0.07 percent to $39.63 billion from $39.6 billion the day before. Meanwhile, the Central Bank has continued to interfere in the official forex market with funds from the external reserve to keep the local currency stable.
On the one hand, the parallel market’s exchange rate remained unchanged at N588/$1, unchanged from the previous trading session. According to information collected from BDCs in Nigeria, this is the case.
rading at the NAFEX official window
On Thursday, April 7th, 2022, the Investors and Exporters window exchange rate closed at N416.67/$1, a 0.04 percent depreciation from the previous trading session’s rate of N416.5/$1.
On Thursday, April 7th, 2022, the opening indicative rate closed at N415.81/$1, up 49 kobo from the previous day’s N416.3.
Over intra-day trade, the highest rate recorded was N444/$1 before it ended at N416.67/$1, while it sold for as low as N410/$1 during the same period.
Over intra-day trade, the highest rate recorded was N444/$1 before it ended at N416.67/$1, while it sold for as low as N410/$1 during the same period.
On the day in question, $112.03 million in foreign exchange was transacted in the official Investors and Exporters window.
Forex turnover declined by 27.8% from $155.16 million on Wednesday to $112.03 million on Thursday, April 7, 2022, according to data from the FMDQ.
A brief update on the cryptocurrency market
The crypto market began trading on a good note on Friday morning, with a 0.68 percent increase in the overall market capitalization to $1.995 trillion.
Similarly, bitcoin climbed 0.5 percent to trade at 43,673.79, while Ethereum gained 1.3 percent to trade at $3,269.5.
Uniswap gained 0.29 percent to trade at $10.47, while Solana gained 2.33 percent to trade at $121.2275. Terra gained 1.76 percent to trade at $105.35966, while Solana gained 2.33 percent to trade at $121.2275.
