Naira Falls Massively, Edges Toward N600/$1 At P2P Market

Naira has fallen massively, edging toward N600/$1 at the P2P Market.

Newsone reports that the dollar to naira exchange rate at the peer-to-peer market fell further to N591.1/$1, representing the highest rate recorded since we started tracking the market.

This online news platform understands that the dollar to naira exchange rate at the peer-to-peer market represents a 0.19% depreciation compared to N590/$1 recorded on Thursday, April 14, 2022.

Similarly, Newsone reports that the dollar to naira exchange rate at the parallel market better known as the black market closed at N589/$1, declining by 0.17% compared to N588/$1 traded last week Wednesday. This is according to information obtained from BDCs operating in Nigeria.

Meanwhile, Newsone reports that Nigeria’s foreign reserve continue to improve on the back of bullish crude oil price. External reserve gained 0.02% on Thursday, 14th April 2022 to stand at $39.74 billion compared to $39.73 billion recorded as of the previous day. 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.

Dollar to naira trading at the official NAFEX window

Newsone reports that the dollar to naira exchange rate at the Investors and Exporters window closed at N417/$1 on Tuesday, 19th April 2022, representing a 0.12% appreciation compared to N417.5/$1 recorded in the previous trading session.

• The opening indicative rate closed at N417.45/$1 on Tuesday, 19th April 2022, which is 5 kobo higher than the N417.4/$ recorded in the previous trading session.
• An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N417/$1, while it sold for as low as N410/$1 during intra-day trading,
• A total of $155.44 million was traded in FX at the official Investors and Exporters window on Tuesday.
• According to the data from the FMDQ, forex turnover decreased by 20.81% from $196.28 million recorded last week Thursday to $155.44 million on Tuesday, 19th April 2022.

Crypto market update

The crypto market started on a positive note on Wednesday morning, 20th April 2022, gaining in market value by 0.1% to stand at $1.89 trillion.

Flagship crypto asset, bitcoin on the other hand dipped 0.05% to trade at $41,486.57 as of the time of writing this article.

Meanwhile, Newsone Nigeria reports that the second most capitalized crypto-asset gained 0.1% to trade at $3,105.45, while Solana dipped 0.43% to trade at $108.08, Terra declined by 0.39% to trade at $95.18, while Uniswap recorded a 0.63% decline to trade at $9.48.

Newsone reports that 79,710 traders worth $237.37 million, were liquidated as flagship cryptocurrency asset, Bitcoin fell below $40,000. However, bitcoin price has rallied back above $41,000.