Naira Falls Massively At Peer-To-Peer Market, See New Exchange Rate

Naira Falls Massively At Peer-To-Peer Market, See New Exchange Rate

In the peer-to-peer market, the naira has plummeted, and a new exchange rate has emerged.

At the Investors and Exporters (I&E) window, the dollar to naira exchange rate between the naira and the US dollar closed at N416.67/$1.

According to this online news portal, the Naira declined by 0.01 percent on Wednesday, April 13th, 2022, to settle at N416.67/$1, down from N416.62/$1 in the previous trading session. The reduction comes after the official market saw a 21.19 percent drop in FX supply, with only $113.72 million changing hands.

Similarly, on Thursday morning, the dollar to naira exchange rate on the peer-to-peer market plummeted drastically to N590/$1, the highest rate since we began tracking the market. It also marks a 0.51 percent decline over the previous trading session’s N587/$1 rate.

On Wednesday, the parallel market exchange rate closed unchanged at N588/$1, down 0.17 percent from the previous day’s close of N587/$1. According to information collected from BDCs in Nigeria, this is the case.

Meanwhile, Newsone Nigeria reported that Nigeria’s foreign reserve has increased by 0.02 percent to $39.71 billion, up from $39.7 billion the day before.

Meanwhile, the Central Bank has continued to intervene in the official forex market from the external reserve in order to maintain the stability of the local currency.

Trading at the official NAFEX window

On Wednesday, April 13th, 2022, the Investors and Exporters window exchange rate closed at N416.67/$1, a 0.01 percent depreciation from the previous trading session’s rate of N416.67/$1.

• The opening indicative rate closed at N416.17/$1 on Wednesday, 13th April 2022, which is the same as the previous day.
• An exchange rate of N444/$1 was the highest rate recorded during intra-day trading be fore it settled at N416.67/$1, while it sold for as low as N410/$1 during intra-day trading,
• A total of $133.72 million was traded in FX at the official Investors and Exporters window on Wednesday.
• According to the data from the FMDQ, forex turnover decreased by 21.19% from $144.29 million recorded on Tuesday to $113.72 million on Wednesday, 13th April 2022.

Crypto market update

On Thursday, April 14th, 2022, the crypto market began on a strong note, rising 0.25 percent to $1.882 trillion in market value. The rise in the price of bitcoin, which has climbed back beyond $40,000, is credited for the market’s shift.

Bitcoin was up 0.32 percent to $41,277.97 as of press time on Thursday, while Ethereum, the second most valuable crypto asset, was down 0.3 percent to $3,109.68.

Meanwhile Touchaheart reports that Solana rose 1.32 percent to $106.33, Terra rose 0.47 percent to $88.3474, while Uniswap remained unchanged at $9.66.