Dollar To Naira Exchange Rate Crashes Massively at I&E window on Thursday

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Naira to Dollar

The exchange rate at the I&E window closed at N419.33/$1 on Wednesday

At the official Investors and Exporters (I & E) window, the naira and the US dollar exchange rate are currently trading at N419.43/$1.

The Black Market, also known as the aboki exchange rate, the Nigerian currency is currently trading for N589/$1.

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On Wednesday, the naira depreciated more against the US dollar, closing at N419.33 per dollar, down 0.2 percent from N418.52/$1 in the previous trading session. In the official FX market, dollar supply fell by 24.55 percent to $82.56 million, the lowest level in over three weeks of trading.

On the other hand, the parallel market currency rate remained stable at N590 per dollar. According to information collected from BDCs in Nigeria, this is the case. On Thursday morning, the exchange rate on the peer-to-peer market remained constant, trading at a minimum of N590/$1, the same as on Wednesday, April 27th, 2022.

Nigeria’s external reserve fell for the third day in a row, falling 0.09 percent to $39.68 billion on April 26th, 2022, from $39.71 billion the day before.

Meanwhile, the drop in external reserves might be linked to the Central Bank’s ongoing involvement in the foreign exchange market in order to maintain the local currency’s stability.

Trading at the NAFEX official window
On Wednesday, April 27th, 2022, the Investors and Exporters window exchange rate closed at N419.33/$1, a 0.2 percent devaluation versus the US dollar compared to the previous trading session’s rate of N418.5/$1.

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On Wednesday, April 27th, 2022, the opening indicative rate closed at N418.38/$1, up 88 kobo from the previous trading session’s rate of N417.5/$.

The highest intra-day rate was N444/$1 before it settled at N419.33/$1, and it sold for as low as N410/$1 during intra-day trading. A total of $82.56 million in foreign exchange was traded at the official Investors and Exporters window on Wednesday.

According to data from the FMDQ, FX turnover decreased by 24.55 percent from $109.43 million on Tuesday to $82.56 million on Wednesday, April 27th, 2022.

Cryptocurrency Latest News

Following a drop earlier in the week, when the flagship crypto-asset went below the $40k mark, Bitcoin traded bullish on Wednesday. On Wednesday, the most liquid crypto-asset rose 2.61 percent to settle at $39,134.97. In the early hours of Thursday morning, the asset rose 0.7 percent, bringing it closer to restoring its $40k status.

On Wednesday, the cryptocurrency market’s market value increased by 2% to $1.764 trillion, and it has since increased by 0.42 percent to $1.78 trillion as of press time.

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On Wednesday, Ethereum soared 2.05 percent to end at $2,866.77, Solana rallied 2.41 percent to close at $98.0325, and Terra rallied 0.38 percent to close at $88.82 in the previous trading session. Uniswap, meanwhile, gained 2.37 percent to settle at $8.19.

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