BREAKING: Naira Falls To N609/$1 At Black Market As Forex Liquidity Remains Low

Naira has fallen to N609/$1 at Black Market as Forex Liquidity remains low.

Newsonline reports that the exchange rate between the naira and the US dollar closed at N418/$1 at the Investors and Exporters (I&E) window.

This online newspaper understands that naira recorded a 0.24% gain against the US dollar on Wednesday to close at N418/$1 compared to N419/$1 recorded as of the close of trading activities on Tuesday, 24th May 2022. Also, a total of $108.33 million in FX exchanged hands in the market on Wednesday, representing a 24.43% increase compared to $87.06 million traded in the previous session.

Dollar to naira exchange rate at the peer-to-peer market declined further by 0.07% to trade at $608.55 on Thursday morning, compared to N608.12/$1 recorded as of the same time the previous day. The market has already seen the naira depreciate by 0.39% since the CBN announced the increase in interest rates.

Trading at the official NAFEX window

Naira recorded a second successive gain against the US dollar on Wednesday, with a 0.24% appreciation to close at N489/$1, its highest level in almost three weeks.

• The opening indicative rate closed at N417.79/$1 on Wednesday, 25th May 2022, a 21 kobo appreciation compared to N418/$1 recorded in the previous trading session.
• Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N418/$1, while it sold for as low as N413/$1 during intra-day trading.
• A total of $108.33 million in FX value was traded on Wednesday, representing a 15.69% increase compared to $87.06 million traded on Tuesday

Crypto market update

The crypto market recorded a marginal decline on Wednesday, closing with a 0.07% drop in market capitalization to stand at $1.252 trillion as of 23:09 (WAT). Although bitcoin recorded a 0.5% increase in price to trade at $29,788.51, Ethereum lost ground by 0.72% to trade at $1,963.

While Uniswap and Terra bother gained 0.36% and 5.62% to trade at $5.62 and $0.000186 respectively on Wednesday, Solana recorded a 2.06% price decline to trade at $48.605.