The exchange rate between the naira and the US dollar closed at N421.25/$1 at the Investors and Exporters (I&E) window.
Naira recorded a marginal gain against the USD on Friday, closing at N421.25/$1 from N422.5/$1 recorded on Thursday. However, this represents a depreciation compared to N419.75/$1 recorded as of the previous week. $105.11 million got traded in the official market. The exchange rate at the parallel market depreciated by 0.33% to close at N608/$1. This is in contrast to N606/$1 recorded in the previous trading session.
On a positive note, the exchange rate at the P2P market gained 0.11% on Saturday morning. Trading at a minimum of N604.7/$1, compared to N605.35/$1 recorded in the previous trading session. Nigeria’s external reserves appreciated by 0.07% on 9th June 2022 to stand at $38.52 billion from $38.49 billion recorded the previous day. The nation’s external had been on a downward trend due to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.
The exchange rate appreciated by 0.3% on Friday to close at N421.25/$1 from N422.5/$1 recorded on Thursday, 9th June 2022.
The opening indicative rate closed at N419.34/$1 on Friday, 10th June 2022, representing a 92 kobo appreciation compared to N419.34/$1 recorded on Thursday.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N421.25/$1. While it sold for as low as N413/$1 during intra-day trading.
The crypto market trades on Thursday on a positive note, following the pullback recorded in the previous trading session. After Luna/USD dipped 21.17% and Uniswap recorded a decline of 2.23%.
However, in the early trading hours of Thursday morning, 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 recorded a massive boost on Thursday, gaining 43.08% to trade at $0.00007154.
-Nairametrics.