Naira Falls At Official Market Despite Slight Improvement In FX Supply

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The exchange rate between the naira and the US dollar closed at N420.25/$1 at the Investors and Exporters (I&E) window. Nigeria’s exchange started the week on a negative note as the naira fell against the US dollar by 0.18% to close at N420.25/$1. This is compared to N419.5/$1 recorded at the end of the previous week. This is despite the 13.97% increase in forex turnover as $122.91 million exchanged hands in the market.

On the other hand, the exchange rate at the peer-to-peer market recorded slight moderation, gaining 0.01% to trade at a minimum of N605.94/$1. As against N606/$1 recorded as of the same time on Monday.

In the same vein, the naira appreciated marginally to N608/$1 on Monday. This represents a 0.33% appreciation compared to N640/$1 recorded as of the previous trading session. This is according to information from BDC operators in Nigeria.

Meanwhile, Nigeria’s external reserves depreciated further by 0.07% to stand at $38.54 billion from $38.57 billion recorded as of the previous day. The decline in the external reserve level can be attributed to the continuous intervention by the Central Bank. This is in the FX market in order to ensure the stability of the local currency. The exchange rate depreciated by 0.19% on Monday to close at N420.25/$1 from N419.5/$1

The opening indicative rate closed at N418.38/$1 on Monday, 30th May 2022. Representing an N0.31 depreciation compared to N418.07/$1 recorded in the previous trading session. The crypto market rebounded to buy sentiment in bitcoin and Ethereum pushed the industry market capitalization above $1.2 trillion. As of 22:42 (WAT), the cryptocurrency market capitalization had gained 6.94% to stand at $1.293 trillion.

-Nairametrics.

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