The exchange rate between the naira and the US dollar closed at N419.75/$1 at the Investors and Exporters window. The Naira depreciated further at N419.75/$1 from the N419.5/$1 recorded in the previous trading session, representing a 0.06% depreciation. On the flip side, FX turnover in the market declined significantly from the record high recorded. As forex supply dropped by 75.65% from $760.2 million to $185.1 million.
Notably, $1.34 billion trade in the Investors and Exporters window in the week. Which is significantly higher than the $535.94 million that exchanged hands in the previous week.
Meanwhile, the exchange rate remained stable in the parallel market. Depreciating marginally by 0.17% to close at N606/$1 on Friday, June 3rd, June 2022.
The exchange rate in the peer-to-peer market resumed the week on a positive note, as the naira appreciated to its highest level. The exchange rate at the market appreciated by 0.146% to trade at N603.6/$1 in the early hours of Monday, compared to N604.48/$1 recorded as of Friday the previous week.
Meanwhile, Nigeria’s external reserves fell by 0.01% on Thursday, June 2, 2022, to stand at $38.47 billion, from $34.48 billion recorded the previous day. The nation’s external has been in a downturn largely because of the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.
Cryptocurrencies started the new week bullish, with a rally in bitcoin, Ethereum, and Solana. Amongst others, pushing the industry’s market capitalization by 3.59% to stand at $1.257 trillion.
Flagship crypto asset, bitcoin gained 4.24% on Monday morning as of press time to trade at $31,155, while Ethereum recorded a 3.72% gain to trade at $1,871.92. Similarly, Solana recorded an 8.29% price increase on Monday morning to trade at $41.6725.
-Nairametrics.
