Monday 28th March 2022: The exchange rate between the naira and the US dollar closed at N416.5/$1 at the official Investors and Exporters (I&E) window.
The exchange rate at the I&E window depreciated marginally by 0.04% on Monday to close at N416.5/$1 compared to N416.33/$1 recorded in the previous trading session.
The exchange rate at the parallel market also followed in the same direction with a 0.68% fall to close at N588/$1 on Monday, 28th March 2022, in contrast to the N584/$1 recorded on Friday, 25th March 2022. This is according to information obtained from BDCs operating in Nigeria.
Also, Nigeria’s foreign reserve recorded a second consecutively daily gain to stand at $39.529 billion as opposed to the $39.528 recorded in 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.
On the other hand, naira traded at a minimum of N583/$1 at the Peer-to-peer market (P2P), which is the same as recorded in the previous trading session.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416.5/$1 on Monday, 28th March 2022, representing a 0.04% depreciation compared to N415.33/$1 recorded on Friday, 25th March 2022.
- The opening indicative rate closed at N416.26/$1 on Monday, representing a 2 kobo appreciation compared to the N416.28/$1 recorded on Friday, 25th 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 sum of $202.06 million was traded in FX at the official Investors and Exporters window on Monday.
- According to the data from the FMDQ, forex turnover increased significantly by 68.89% from $119.64 million recorded on Friday to $202.06 million on Monday, 28th March 2022.
Crypto market update
The crypto market has been printing strong positive returns since last week, with the industry market capitalization hitting $2.12 trillion as of the early trading period of Tuesday. The market cap gained 2.07% on 1.92% on Monday to close at $2.11 trillion, while gaining an additional 2.04% as of press time.
- Flagship crypto-asset appreciated further by 1.79% on Monday to close at $47,701.8. The flagship crypto asset has also started the day on a positive note with a 1.18% to trade at $47,709.99.
- The second most capitalized crypto asset, Ethereum also gained 2.68% on Monday to close at $3,384.14. On Tuesday morning, Ethereum has also gained 2.7% to trade at $3,423.56.
- Meanwhile, as of press time, while Solana gained 4.8% to trade at $110.92, Terra gained 8.24% to trade at $105.2256, while Uniswap with a gain of 4.49%, trades at $11.4.