Exchange rate gains in the official market as foreign exchange reserves continue their upward trend

Tuesday April 12, 2022: The exchange rate between the naira and the US dollar closed at N416.62/$1 at the official Investors and Exporters (I&E) counter.

The naira appreciated by 0.09% to close at N416.62/$1 on Tuesday, April 12, 2022 from the N417/$1 recorded on Monday. Forex turnover also rose 13.51% to $144.29 million on Tuesday, marking the highest daily supply in the past four trading sessions.

On the other hand, the exchange rate in the peer-to-peer market appreciated massively to N580/$1, which represents an appreciation of 1.19% compared to the N587/$1 recorded during the previous trading session.

The parallel market exchange rate closed at N587/$1, the same as the previous trading session. This is according to information obtained from BDCs operating in Nigeria.

Meanwhile, Nigeria’s foreign exchange reserve improved 0.11 percent to $39.7 billion from $39.66 billion recorded the previous day. At the same time, the Central Bank continued to intervene in the official foreign exchange market from the external reserve in order to maintain the stability of the local currency.

Negotiate at the official NAFEX counter

The exchange rate at the Investors and Exporters window closed at N416.62/$1 on Tuesday, April 12, 2022, representing an appreciation of 0.09% from the N417/$1 recorded during the trading session. previous negotiation.

  • The indicative opening rate closed at N416.17/$1 on Tuesday, April 12, 2022, depreciating slightly by 0.02 kobo from the N416.15 recorded on Monday.
  • An exchange rate of N444/$1 was the highest rate recorded in intraday trading before settling at N416.62/$1, when it sold off as low as 410 N/$1 in intraday trades.
  • A total of $144.29 million was traded in foreign currency at the official Investors and Exporters window on Tuesday.
  • According to data from the FMDQ, forex turnover increased by 13.51%, from $127.12 million recorded on Monday to $144.29 million on Tuesday, April 12, 2022.

Crypto Market Update

  • The crypto market traded higher on Tuesday, with the market capitalization gaining 1.54% to close at $1.826 billion, following a 1.01% rise in the price of bitcoin, which closed at 39,923. $.06.
  • In a similar vein, the second most capitalized crypto asset, Ethereum also gained 1.32% to close at $3,018.92.
  • Solana gained 2.67% on Tuesday to close at $102.325, Terra gained 2.04% to close at $84.1812018, while Uniswap gained 3.23% to close at $9.27.
  • Meanwhile, a recent report on cryptocurrency and blockchain adoption in Nigeria by Kucoin, a global cryptocurrency exchange, shows that Nigerians are embracing cryptocurrencies due to limited access to affordable financial services. Cryptocurrencies thus become an alternative solution for the storage and transfer of assets.
  • The report also shows that 33.4 million Nigerians, or 35% of the population between the ages of 18 and 60, currently own cryptocurrencies or have traded cryptocurrencies in the last 6 months.

About Meredith Campagna

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