Tuesday, September 20, 2022: Trading activities at the parallel (black) market show that the naira has appreciated against the dollar to about N705/$, rising from the previous N708 to a dollar exchange rate. This represents a 0.4 percent rise on a day-on-day basis. On a week-on-week basis, it also gained slightly from the dollar. Trading activities at the B2B market show that the naira rose slightly, gaining 2 naira to the dollar as it trades for about N710/$ for the same period being reported. This is based on the information obtained from forex marketers in Lagos.
Investors and Exporters (I&E) Window
The historical exchange rate at the Nigerian Investors and Exporters (I&E) FX Window compiled by Rate Captain shows that the naira has stabilized at N436/$1 for the past two weeks, with few variations daily. As of September 19, 2022, the I&E window rate stands at N436.50/$1. Although it dropped by 0.5 percent from the day’s opening price of N434.38. Also, the Exchange between the naira and dollar naira depreciated 1.7 percent against the dollar on a month-on-month basis.
An exchange rate of N437.10/$1 was the highest rate recorded during intra-day trading before it settled at N436.50/$1 at the end of the trading session, while it also traded as low as 434/$ during intra-day trading. According to data from FMDQ, a total of $41.02 million was traded at the Investors and Exporters (I&E) Window on Monday, representing a decline in forex supply by 11 percent for the period being reported.
According to the data from the Central Bank of Nigeria, the gross foreign reserve stands at $38.69 billion as of September 15, 2022, dropping from $38.74 billion recorded on September 14, 2022.
Capital Market Update
As of September 19, 2022, the Nigerian equities market closed the trading session with the NGX All Share Index (ASI) decreasing by 7 basis points (bps) to close at 49440.21. The trading volume was 147,585,264 units. The total value that exchanged hands was N2,393,849,115.36.
Three of the sectors under our purview had a negative performance as their indices closed red, while the remaining two sectors closed green. The Banking index increased by 28bps and Consumer Goods index rose by 17bps. On the other hand, the Oil and Gas index declined by 194bps, Insurance by 25bps and Pension saw a 14bps decrease.
RTBRISCOE stock led the top gainers as the share price rose by 10 percent, while TOTAL led the decliners after dropping by 9.98 percent. GTCO emerged as the most traded stock by volume as well as by value. N693,692,698.10 exchanged hands for 358,19,812 units of its stock.
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