Thursday 24th March 2022: The exchange rate between the naira and the US dollar closed at N416/$1 at the Investors and Exporters (I&E) window, forex is traded officially.
The exchange rate at the I&E window gained 0.24% on Thursday to close at N416 to a dollar compared to N417/$1 recorded in the previous trading session.
The exchange rate at the parallel market appreciated marginally by 0.17% to trade at N582/$1 compared to N583/$1 recorded in the previous trading session. This is according to information obtained from BDCs operating in Nigeria.
On the other hand, naira traded at a minimum of N583.1/$1 at the Peer-to-peer market (P2P), which represents a 0.172% marginal depreciation compared to N582.1/$ recorded as of the same time on Thursday, 24th March 2022.
In terms of foreign reserve, Nigeria’s FX reserve dipped further by 0.07% to stand at $39.52 billion as of Wednesday, 23rd March 2022 compared to $39.54 billion recorded as of the previous day. The decline is attributed to the continuous intervention by the CBN in the official market.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416/$1 on Thursday, 24th March 2022, representing a 0.24% appreciation as opposed to N417/$1 it closed on Wednesday, 23rd March 2022.
- The opening indicative rate closed at N416.3/$1 on Thursday, representing a 32 kobo depreciation compared to the N415.98/$1 recorded on Wednesday, 23rd March 2022.
- An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416/$1, while it sold for as low as N410/$1 during intra-day trading,
- A sum of $142.95 million was traded in FX at the official Investors and Exporters window on Thursday.
- According to the data from the FMDQ, forex turnover increased marginally by 5.35% from $135.69 million recorded on Wednesday to $142.9 million on Thursday, 24th March 2022.
Crypto market update
The crypto market has been recording significant growth in the week, with industry market capitalization threading towards hitting the $2 trillion threshold. On Thursday, the market cap gained 2.36% to stand at $1.958 trillion.
- Flagship crypto-asset appreciated further by 2.47% on Thursday to close at $43,985. Similarly, on Friday morning, the most capitalized crypto asset has gained 0.43% to surpass $44,214.
- The second most capitalized crypto asset, Ethereum also gained 2.38% on Thursday to trade at $3,111, while Solana gained 7.84% to close at $102.3475. Uniswap appreciated by 6.99% to close at $10.71. On the flip side, Terra dipped 1.76% to close at $93.249 on Friday.