Exchange rate gains at NAFEX window as crypto market crashes to high selloffs

The exchange rate between the naira and the US dollar closed at N410.75/$1 at the Nigerian Autonomous Foreign Exchange (NAFEX) market, where forex is traded officially.

Naira appreciated against the US dollar on Wednesday at the Importers and Exporters window to close at N410.75 to a dollar as against N411.63/$1 that was recorded on Tuesday, 18th May 2021. This represents a 0.21% gain, which is also the highest single-day gain recorded so far in May 2021.

Meanwhile, the naira remained stable at the parallel market to close at N484/$1 while dollar supply at the I&E window rose by 122.8% from $58.88 million recorded on Tuesday, 18th May 2021, to $131.16 million.

On the other hand, the crypto market nosedived on Wednesday as over $300 billion was lost in single-day trading.