The exchange rate between the naira and the US dollar closed at N422.5/$1 at the Investors and Exporters (I&E) window.
Naira recorded a massive depreciation falling by 0.54% to close at N422.5/$1. This is the lowest level of the exchange rate since 4th January 2022. However, FX supply in the market increased by 86.09% to $153.71 million. Meanwhile, the exchange rate remained stable at the parallel market, closing at N606 to a dollar. This is according to information from BDC operators in Nigeria. Exchange rate at the P2P market depreciated by 0.14% N605.35/$1, compared to N604.5/$1 recorded in the previous trading session.
Meanwhile, Nigeria’s external reserves appreciated by 0.01% to stand at $38.49 billion from $38.46 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank FX market. The exchange rate depreciated by 0.54% N422.5/$1 from N420.25/$1 despite the increase in the supply of forex in the market. The opening indicative rate closed at N420.26/$1 representing an 11 kobo depreciation compared to N420.15/$1.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N422.5/$1, while it sold for as low as N413/$1 during intra-day trading. A total of $153.71 million in FX value was traded in the official I&E window representing an 86.09% increase.
Exchange rate gains at official market as external reserve records rare improvement. The exchange rate between the naira and the US dollar closed at N420.25/$1 at the Investors and Exporters (I&E) window. Naira appreciated marginally at the official Investors and Exporters window by 0.12% from N420.75/$1 to close at N420.25/$. Forex supply in the market declined by 26.9% to $82.6 million from $113.12 million recorded in the previous trading session. Meanwhile, Nigeria’s external reserves appreciated by 0.11% to stand at $38.46 billion from $38.42 billion.
Crypto market update
The crypto market begins trading on Thursday on a positive note. After Luna/USD dipped 21.17% and Uniswap recorded a decline of 2.23%. However, the industry market capitalization had gained 0.39% to stand at $1.222 trillion, as bitcoin also rose by 0.47% to trade at $30,328.73.
Similarly, Ethereum gained 0.43% to trade at $1,798.36, Solana gained 0.52% to trade at $38.985, while Uniswap with a 1.14% gain trades at $5.135. Luna/USD on the other hand, recorded a massive boost on Thursday, gaining 43.08% to trade at $0.00007154.
-Desertherald.
