Thursday, 2nd June 2022: The exchange rate between the naira and the US dollar closed at N419.5/$1 at the Investors and Exporters (I&E) window.
Naira depreciated marginally on Thursday to close at N419.5/$1 from N419/$1 recorded in the previous trading session. However, FX supply surged by 342% to $760.2 million, representing the highest daily turnover at the I&E window, based on Nairametrics tracker.
In the same vein, the exchange rate remained flat at N605/$1, the same as recorded in the previous trading session. This is according to information from BDC operators in Nigeria.
On the other hand, the exchange rate at the peer-to-peer market depreciated slightly on Friday morning, trading at a minimum of N604.48/$1 as against N604/$1 recorded as of the same time on Thursday.
Meanwhile, Nigeria’s external reserves fell by 0.01% on Wednesday, 1st June 2022 to stand at $38.48 billion from $34.483 billion recorded as of the previous day. The nation’s external had been on a downturn since 25th April 2022 largely due 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
The exchange rate depreciated by 0.12% on Thursday to close at N419.5/$1 from N419/$1 recorded on Wednesday.
- The opening indicative rate closed at N418.83/$1 on Thursday, 2nd June 2022, representing a N0.62 depreciation compared to N418.21/$1 recorded in the previous trading session.
- Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N419.5/$1, while it sold for as low as N413/$1 during intra-day trading.
- A total of $760.2 million in FX value was traded in the official I&E window on Wednesday, representing a 3426% increase compared to $171.98 million traded as of the previous trading session.
Crypto market update
- The crypto market recorded a positive trading session on Thursday as the market capitalization gained 2.07% to close at $1.24 trillion, representing a rebound from the over 6% loss recorded in the previous trading session.
- Flagship crypto asset, bitcoin gained 2.5% to trade above the $30k threshold, a recovery from the 6.71% decline recorded on Wednesday. Also, Ethereum recorded a 1.13% rally to close at $1,736.61.
- Solana gained 2.05% to close at $40.9, while Uniswap and Luna both gained 3.12% and 3.69% to close at $5.29 and $0.000102 respectively.