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Currency supply jumps 135% to $108.1m at I&E counter

Tuesday, June 21, 2022: The exchange rate between the naira and the US dollar closed at 420.28 naira/$1 at the Investors and Exporters (I&E) counter.

Naira closed strong on Tuesday with a gain of 0.25% to close at N420.28/$1 compared to N421.33/$1 recorded in the last two trading sessions. This is according to information taken from the website of the Bourse FMDQ.

A total of $108.06 million in exchange value traded Tuesday versus $46.07 million traded the previous day, representing an increase of 134.6%

The parallel market exchange rate remained stable on Tuesday, depreciating slightly by 0.17% to close at N607/$1 from the N606/$1 recorded at the close of trading on Monday. This is according to information from BDC operators.

Meanwhile, the exchange rate in the peer-to-peer market depreciated by 0.13% on Wednesday morning, trading at N613/$1 from N612.19/$1 recorded at the same time. time on Tuesday, June 21, 2022.

Nigeria’s external reserves increased by 0.25% on Monday, June 20, 2022 to stand at 38.79 billion dollars against 38.69 billion dollars recorded the previous day. The country’s external debt had been on a downward trend due to the Central Bank’s continued intervention in the foreign exchange market to ensure the stability of the local currency. However, high crude oil prices led to an improvement in the level of reserves.

Negotiate at the official NAFEX counter

  • The exchange rate in the official market improved by 0.25% on Tuesday to close at 420.28 naira per dollar, against 421.33 naira/1 dollar recorded at the close of trading on Monday.
  • The indicative opening rate closed at N420.71/$1 on Tuesday, June 21, 2022, compared to N490.71/$1 recorded on Monday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded in intraday trading before settling at N420.28/$1, when it sold off at such a low price. low as N413/$1 during intraday trades.
  • A total of $108.06 million in exchange value was traded in the official I&E window on Tuesday, which is 134.6% higher than the $46.07 million traded in the previous trading session.

Naira closes flat in official market as currency supply collapses to $46.1m

Monday, June 20, 2022: The exchange rate between the naira and the US dollar closed at 421.33 naira/$1 at the Investors and Exporters (I&E) counter.

The naira was flat at the official Investors & Exporters window on Monday, closing at the same rate as Friday the previous week at 421.33 naira/$1. This is according to information taken from the website of the Bourse FMDQ.

The amount of FX that was traded in the I&E window slumped significantly to its lowest level in more than two months at $46.07 million.

The parallel market exchange rate remained stable on Monday and strengthened slightly, having closed at N606/$1 from the N607/$1 recorded at the close of trading last week on Friday. This is according to information from BDC operators.

Meanwhile, the exchange rate in the peer-to-peer market depreciated by 0.15% on Tuesday morning, trading at N612.19/$1 from N611.3/$1 recorded at the same time on Monday, June 20, 2022.

Nigeria’s external reserves appreciated slightly by 0.08% on Friday, June 17, 2022 to stand at 38.69 billion dollars against 38.66 billion dollars recorded the previous day. The country’s external debt had been on a downward trend due to the Central Bank’s continued intervention in the foreign exchange market to ensure the stability of the local currency. However, high crude oil prices led to an improvement in the level of reserves.

Negotiate at the official NAFEX counter

  • The exchange rate started the week on a stable note as the naira closed at N421.33/$1, the same as seen in the previous trading session.
  • The indicative opening rate closed at N419.71/$1 on Monday, June 20, 2022.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded in intraday trading before settling at N421.33/$1, when it sold off at such a low price. low as N413/$1 during intraday trades.
  • A total of $46.07 million in exchange value was traded in the official I&E window on Monday, which is the lowest recorded since April 4, 2022.

Naira Falls in Official Market Despite Improved Forex Liquidity

Thursday, June 16, 2022: The exchange rate between the naira and the US dollar closed at N420.5/$1 at the Investors and Exporters (I&E) counter.

The naira weakened against the US dollar on Thursday despite an improved supply of FS in the official market. The exchange rate fell 0.12% to close at N420.5/$1 from the N420.5/$1 it closed on Wednesday. This is according to information taken from the website of the Bourse FMDQ.

The amount of FX that was traded in the I&E window increased by 9.41% to $136.35 million from $124.62 million traded in the previous trading session.

The parallel market exchange rate remained stable on Thursday, after closing at N607/$1, the same as in the previous trading session. This is according to information from BDC operators.

Meanwhile, the exchange rate in the peer-to-peer market appreciated by 0.45% on Friday morning, trading at 607 N/$1 against 609.74 N/$ recorded at the same time on Thursday, June 16, 2022.

Nigeria’s external reserves appreciated slightly by 0.04% on Wednesday, June 15, 2022 to stand at 38.63 billion dollars against 38.62 billion dollars recorded the previous day. The country’s external debt had been on a downward trend due to the Central Bank’s continued intervention in the foreign exchange market to ensure the stability of the local currency.

Negotiate at the official NAFEX counter

  • The exchange rate declined by 0.12% on Thursday, to close at N420.5/$1 from the N420/$1 recorded on Wednesday June 15, 2022.
  • The indicative opening rate closed at N419.82/$1 on Friday, June 16, 2022, representing a depreciation of 20 kobo from the N419.65/$1 recorded on Tuesday.
  • Also, an exchange rate of N444/$1 was the highest rate recorded in intraday trading before settling at N420.5N$1 when it sold at such a low price. than N413/$1 in intraday trades.
  • A total of $136.35 million in exchange value was traded in the official I&E window on Thursday, representing a 9.41% increase from the $124.62 million traded in the previous trading session. .

Naira drops to 420 naira/$1 at I&E counter despite moderations in parallel market

Tuesday, June 7, 2022: The exchange rate between the naira and the US dollar closed at N420.75/$1 at the Investors and Exporters (I&E) counter.

The naira recorded a depreciation of 0.12% on Tuesday to close at 420.75 naira/$1 from the 420.25 naira/$1 recorded in the previous trading session, which is its lowest level since the 16th May 2022. The local currency decline is despite the 129.7% increase in forex turnover to $113.12 million at the I&E counter.

Meanwhile, the exchange rate remained stable in the parallel market, closing at N606 per dollar on Tuesday, the same as that recorded in the last two trading sessions. This is according to information from BDC operators in Nigeria.

The exchange rate in the P2P market moderated further on Wednesday, starting the day as low as N601/$1, compared to N602.5/$1 recorded at the same time on Tuesday. This represents a 0.25% appreciation of the exchange rate.

Meanwhile, Nigeria’s external reserves fell 0.09% on Monday, June 4, 2022 to $38.42 billion from $38.46 billion recorded the previous day. The outside of the country had been declining since April 25, 2022, largely due to the Central Bank’s continued intervention in the foreign exchange market to ensure the stability of the local currency.

Negotiate at the official NAFEX counter

The exchange rate depreciated by 0.12% on Tuesday to close at N420.75/$1 against N420.25/$1 recorded on Monday.

  • The indicative opening rate closed at N420.1/$1 on Tuesday, June 7, 2022, the same as recorded on Monday.
  • Furthermore, an exchange rate of N444/$1 was the highest rate recorded in intraday trading before settling at N420.75/$1, when it sold off at such a low price. low as N413/$1 during intraday trades.
  • A total of $113.12 million in exchange value was traded in the official I&E window on Tuesday, representing a 129.73% increase from the $49.24 million traded in the previous trading session. .

Crypto Market Update

  • Despite yesterday’s rally in the cryptocurrency market, the market resumed trading on Wednesday on a bearish note, with industry capitalization declining 1.75% to $1.22 trillion. dollars.
  • The most capitalized crypto asset, bitcoin also registered a decline of 2.69% to trade at $30,287.34, while Ethereum with a decline of 1.37% traded at 1,787, $22 at 5:20 a.m. (WAT).
  • Similarly, Solana saw a 1.18% drop in price to trade at $38.835, Uniswap fell 1.36% to trade at $5.146, while Luna, on the other hand, gained 1.03% to trade at $5.146. trading at $0.00006466.

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