Naira to Dollar Exchange Rate has Crashed Badly, despite increase in foreign reserves.
As eNaira ranks 1st in ranking globally
At the Investors and Exporters (I&E) window, the naira-dollar exchange rate closed at N416.67/$1.
On Friday, 15th April 2022, the naira depreciated by 0.01 percent to close at N416.67/$1, down from N416.62/$1 in the previous trading session. The decline comes on the heels of a 21.19 percent decline in FX supply at the official market, with only $113.72 million changing hands.
Similarly, the peer-to-peer market exchange rate fell sharply to N590/$1 on Saturday morning, the highest level since we began tracking the market. Additionally, it represents a 0.51 percent depreciation over the previous trading session’s N587/$1 rate.
The parallel market exchange rate closed flat at N588/$1 on Friday, down 0.17 percent from the previous day’s close of N587/$1. This is based on data gathered from BDCs operating in Nigeria.
More so, Nigeria’s foreign exchange reserves increased by 0.02 percent to $39.71 billion, up from $39.7 billion the previous day. Meanwhile, the Central Bank has continued to intervene in the official foreign exchange market using its external reserves to maintain the local currency’s stability.
Meanwhile, eNaira, Africa’s first digital currency, has been ranked as the world’s top retail CBDC, with app downloads increasing to 756,000 from 700,000 in December 2021.
The ranking was revealed by PwC in its 2022 CBDC Global Index and Stablecoin Overview. Additionally, as of December 2021, the eNaira platform had 700,000 downloads and over 35,000 transactions.
Yesterday, Mariam Olusanya, Managing Director of Guaranty Trust Bank, revealed during a virtual press conference following the Bankers Committee meeting that e-naira wallet downloads have increased to 756,000 in six months. Within the first quarter of 2021, the eNaira increased by 56,000.
Nigeria is ranked first.
Nigeria was ranked first in terms of retail CBDC projects, ahead of nine other countries that are currently undertaking similar initiatives.
The Bahamas and Mainland China are in second and third place, respectively.
Jamaica, the Eastern Caribbean, Ukraine, Uruguay, Thailand, Sweden, and the Republic of Korea were the following countries.
Additionally, the report assigned a retail index value of 95 to Nigeria’s eNaira, placing the country first in Africa.
Pay Attention To : FG Shuts Down Online Banks And Loan Apps. Checkout Full List
The index is based on research from the BIS, the World Bank, and PwC.
Nigeria was not included in the rankings for the Wholesale CBDC Project.
That is all the information on Naira to Dollar Crashes Badly as eNaira ranks 1st in ranking globally