• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Currencies

Naira falls to N608/$1 at P2P exchange market as CBN raises interest rates

The CBN raised the benchmark interest rate (MPR) to 13% on Tuesday...

Samuel OyekanmibySamuel Oyekanmi
1 year ago
in Currencies
naira vs dollar
Share on FacebookShare on TwitterShare on Linkedin

Tuesday, 24th May 2022: The exchange rate between the naira and the US dollar closed at N419/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira recorded a 0.32% against the US dollar to close at N419/$1 compared to N420.33/$1 recorded as of the close of trading activities on Monday, 23rd May 2022. Also, a total of $87.06 million in FX exchanged hands in the market on Tuesday, representing a 15.69% increase compared to $75.25 million traded in the previous session.

Exchange rate at the peer-to-peer market declined by 0.32% to trade at $608.12 on Wednesday morning, compared to N606.2/$1 recorded as of the same time the previous day. The downturn in the market is following the hawkish move of the apex bank in raising interest rates.

The Nigerian Central Bank raised the benchmark interest rate (MPR) to 13% on Tuesday after the MPC meeting, after 2 years of adopting a low-interest rate regime, in response to the 2020 economic recession. However, with the rising inflation numbers, the apex bank has joined other country apex banks in raising interest rates in a bid to curb the inflationary pressure.

Meanwhile, the exchange rate at the parallel market closed at N605/$1 on Tuesday, a 0.17% downturn compared to N604/$1 recorded in the previous trading session. Recall that the exchange rate fell sharply last week as FX liquidity tightened in the market. This is according to information obtained from BDCs operating in Nigeria.

Nigeria’s external reserves depreciated further by 0.26% on Monday to stand at $38.65 billion from $38.75 billion recorded as of the previous day. The decline in the external reserve level can be attributed 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

Naira gained against the US dollar on Tuesday, with a 0.32% appreciation to close at N419/$1 compared to N420.33/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N418/$1 on Tuesday, 24th May 2022, a 54 kobo appreciation compared to N418.54/$1 recorded on Monday, 23rd May 2022.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N419/$1, while it sold for as low as N410/$1 during intra-day trading.
  • A total of $87.06 million exchanged hands on Monday, representing a 15.69% increase compared to $75.25 million traded on Monday.

Crypto market update

The crypto market closed on a positive note on Tuesday, representing a recovery from the recurrent losses posted in recent weeks. The market gained 1.26% in capitalization to close at $1.252 trillion as of 00:30 (WAT) on Thursday.

Also, bitcoin recorded a 1.74% gain to close at $29.589, while Ethereum gained 0.16% to close at $1,974.16. On the flip side, Uniswap recorded a 0.53% drop in price to trade at $5.59.

Solana and Tera gained 0.95% and 13.64% to close at $49.57 and $0.00018111 respectively.

Meanwhile, despite the regulation released by the Securities and Exchange Commission (SEC) on cryptocurrency, the Central Bank of Nigeria remained mute concerning the development during the press briefing of the Monetary Policy Committee meeting held on Tuesday, 24th May 2022.

Tags: FeaturedforexI&E windowNAFEX

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

hfm
UBA
Mega Millions
Mega Millions
fidelity banner
HFM







NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • RMAFC says NNPC withheld N8.48 trillion from federation account, backs Tinubu on petrol subsidy removal
  • JUST IN: Third Mainland Bridge pile caps were not vandalized – FG
  • Israel, Nigeria to collaborate to generate one million jobs in tech 

Follow us on social media:

Recent News

RMAFC says NNPC withheld N8.48 trillion from federation account, backs Tinubu on petrol subsidy removal

RMAFC says NNPC withheld N8.48 trillion from federation account, backs Tinubu on petrol subsidy removal

June 9, 2023
JUST IN: Third Mainland Bridge pile caps were not vandalized – FG

JUST IN: Third Mainland Bridge pile caps were not vandalized – FG

June 9, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In