Naira Falls To N420/$1 At I&E Window Despite Moderations At Parallel Market- Nigeria.

Tuesday, June 7th,2022: At the Investors and Exporters (I&E) window, naira and the US dollar exchange rate closed at N420.75/$1. Naira recorded a 0.12% depreciation at N420.75/$1 compared to N420.25/$1 recorded in the previous trading session. Thus, representing its lowest level since 16th of May 2022. The fall in the local currency is despite the 129.7% surge in forex turnover to $113.12 million.

Meanwhile, the exchange rate remained stable at the parallel market, closing at N606 to a dollar on Tuesday. This is according to information from BDC operators in Nigeria. The exchange rate at the P2P market moderated as low as N601/$1, compared to N602.5/$1 on Tuesday. This represents a 0.25% appreciation of the exchange rate. Nigeria’s external reserves fell by 0.09% 4th June 2022 to stand at $38.42 billion from $38.46 billion. Naira recorded a 0.12% drop to close at N420.75/$1 compared to N420.25/$1 recorded in the previous trading session, representing its lowest level since 16th of May 2022. The fall in the local currency is despite the 129.7% surge in forex turnover to $113.12 million.


Trading at the official NAFEX window
The exchange rate depreciated by 0.12% on Tuesday to close at N420.75/$1 from N420.25/$1 recorded on Monday. The opening indicative rate closed at N420.1/$1 on Tuesday, 7th June 2022, the same as recorded on Monday.
Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.75/$1, while it sold for as low as N413/$1 during intra-day trading.
A total of $113.12 million in FX value was traded in the official I&E window on Tuesday, representing a 129.73% increase compared to $49.24 million traded in the previous trading session.

Crypto market update
Despite the recovery posted in the cryptocurrency market, it resumed trading activities on a bearish note as the industry capitalization declined by 1.75% to stand at $1.22 trillion. The most capitalized crypto asset, bitcoin also recorded a 2.69% decline to trade at $30,287.34. While Ethereum with a decline of 1.37% traded at $1,787.22 as of 5:20am (WAT).
Similarly, Solana recorded a 1.18% decline in price to trade at $38.835, Uniswap dipped 1.36% to trade at $5.146, while Luna on the other hand, gained 1.03% to trade at $0.00006466.

-Nairametrics.