Tuesday, May 17th, 2022: At the official Investors and Exporters (I&E) window, the naira and the US dollar exchange rate closed at ₦418.5/$1, up 0.71 per cent from the previous day’s rate of ₦421.5/$1.
Following a record-high decline in the previous trading session, the Naira gained ground against the US dollar on Tuesday. Similarly, foreign exchange turnover increased by 48.7% to $105.1 million, compared to $70.68 million on Monday.
On the other hand, the exchange rate against the US dollar dropped by 0.5 per cent on the peer-to-peer market on Wednesday morning, trading at a low of ₦603/$1 compared to ₦600/$1 the day before.
Meanwhile, the parallel market exchange rate remained constant at N590 per dollar. According to information collected from BDCs in Nigeria, this is the case.
Nigeria’s external reserve, on the other hand, slipped below the $39 billion mark on Monday, falling 0.24 per cent to $38.92 billion from $39.01 billion the day before. The last time Nigeria’s external reserves were less than $39 billion was seven months ago, on October 8, 2021.
As of Tuesday, the Naira was trading at N418.5 per dollar, a gain of 71 basis points against the US dollar. The opening indicative rate closed at ₦417.42$1 on Tuesday, May 17th, 2022, a 12 kobo depreciation from the previous day’s rate of ₦417.3/$1.
Furthermore, during intra-day trade, the highest rate recorded was ₦444/$1 before settling at ₦418.5/$1, while it sold for as low as ₦410/$1 within the same period.
Through the official Investors and Exporters window, $105.11 million in foreign exchange value was traded on Tuesday. The FMDQ reported that currency turnover increased by 48.71 per cent from $70.68 million on Monday to $105.11 million on Tuesday, May 17th, 2022.
Bearish sentiments returned to the bitcoin market on Wednesday morning. The market capitalization of the sector declined 1.46 per cent to $1.281 trillion after the largest crypto asset lost 1.51 per cent to trade at $29,967.22.
Ethereum, the second most valuable cryptocurrency, followed suit, dropping 2.31 per cent to $2,040.65 as of press time on Wednesday. Solana also dropped 2.61 per cent to $55.5175.
LUNAUSD is now trading at $0.00018506, down 0.68 per cent, while Uniswap is now trading at $5.26, down 3.84 per cent.