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As Nigeria’s foreign exchange reserves continue to rise, the naira strengthens on the official market

Naira has gained at Official Market as Foreign Reserve Continuous with an uptrend.

Wothappen reports that the exchange rate between the naira and the US dollar closed at N416.62/$1 at the official Investors and Exporters (I&E) window.

Naira appreciated by 0.09% to close at N416.62/$1 on Tuesday, 12th April 2022 compared to N417/$1 recorded on Monday. Forex turnover also increased by 13.51% to $144.29 million on Tuesday, representing the highest daily supply in the past four trading sessions.

On the other hand, the exchange rate at the peer-to-peer market appreciated massively to N580/$1, representing a 1.19% appreciation compared to N587/$1 recorded in the previous trading session.

The exchange rate at the parallel market closed flat at N587/$1, the same as recorded in the previous trading session. This is according to information obtained from BDCs operating in Nigeria.

Meanwhile, Nigeria’s foreign reserve improved by 0.11% to stand at $39.7 billion compared to $39.66 billion recorded as of the previous day. 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

The exchange rate at the Investors and Exporters window closed at N416.62/$1 on Tuesday, 12th April 2022, representing a 0.09% appreciation compared to N417/$1 recorded in the previous trading session.

  • The opening indicative rate closed at N416.17/$1 on Tuesday, 12th April 2022, depreciating marginally by 0.02 kobo compared to N416.15 recorded on Monday.
  • An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.62/$1, while it sold for as low as N410/$1 during intra-day trading.
  • A total of $144.29 million was traded in FX at the official Investors and Exporters window on Tuesday.
  • According to the data from the FMDQ, forex turnover increased by 13.51% from $127.12 million recorded on Monday to $144.29 million on Tuesday, 12th April 2022.

Crypto market update

  • The crypto market traded bullish on Tuesday, with the market capitalization gaining 1.54% to close at $1.826 trillion, following a 1.01% rally in the price of bitcoin, which closed at $39,923.06.
  • In the same vein, the second most capitalized crypto asset, Ethereum also gained 1.32% to close at $3,018.92.
  • Solana gained 2.67% on Tuesday to close at $102.325, Terra gained 2.04% to close at $84.1812018, while Uniswap recorded a 3.23% gain to close at $9.27.
  • Meanwhile, a recent report on cryptocurrency and blockchain adoption in Nigeria by Kucoin, a global cryptocurrency exchange shows that Nigerians are embracing cryptocurrencies by virtue of having limited access to affordable financial services. Cryptocurrencies are thus becoming an alternative solution for the storage and transfer of assets.
  • The report also shows that 33.4 million Nigerians, which accounts for 35% of the population aged 18 to 60, currently own cryptocurrencies or have traded cryptocurrencies over the past 6 months.
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