RateCaptain
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us
No Result
View All Result
RateCaptain
No Result
View All Result
Home Currencies

Naira Climbs Up Slightly to Close at N426/$1 at the Investors and Exporters (I&E) Window 

Rate Captain by Rate Captain
July 22, 2022
in Currencies
Reading Time: 2 mins read
A A
0
Naira Drops by 1.7% Against the Dollar at the Investors and Exporters (I&E) Window
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Thursday, July 21, 2022: The Nigerian Investors and Exporters (I&E) FX Window closed the trading session on a bullish note as the naira gained slightly against the dollar to stand at N426/$1, representing a 0.2 percent appreciation from the opening rate (N426.88/$1). This also represents a 0.14 appreciation day-on-day when compared to the closing price of 426.58 recorded the previous day.

An exchange rate of N431/$1 was the highest rate recorded during the intra-day trading before it settled at N426/$1 at the end of the trading session, while it also traded as low as N414/$1 during intra-day trading. According to data from FMDQ, a total of $180.83 million was traded at the Investors and Exporters (I&E) Window for the reporting period. This means that liquidity in the market is increasing as more transactions were fulfilled in the official market.

AlsoRead

Charges on cash transactions skyrocketed by POS agents.

Naira appreciates to N746/$ in the parallel market.

CBN Directs Banks to Start Paying New Naira Notes Over the Counter.

In the parallel market, the naira closed against the dollar at N641/$1, reaching an all-time low in the value of the naira. It declined by 0.16 percent compared to N640/$1 traded on Wednesday, the previous day. Trading activities at the B2B market show that the exchange rate closed at about N645/$1 for the same period being reported. This is based on the information obtained from BDC operators in Lagos.

Foreign Reserves

Nigeria’s gross external reserve has been crawling upward since July 2022. According to data from the Central Bank of Nigeria (CBN), as of July 15, Nigeria’s foreign reserve stands at $39.44 billion, improving slightly by $10.9 million (0.03 percent) from the 39.43 billion recorded as of July 14.

Despite supportive oil prices, gross FX reserves maintained the $38 billion – $39 billion threshold since May 2022. It reached $41.5 billion in September 2021 as a result of the IMF’s SDR allocation and Eurobond issuance.

Capital Market Update 

As of July 21, 2022, the Nigerian equities market closed the trading session on a bearish note as the NGX All Share Index (ASI) declined by 0.12 percent to close at 52122.00. The trading volume was 17,110,881 units, while the total value that exchanged hands was N292,901,513.93.

A varied performance was observed for the sectors under our review as the NGX indices for two sectors increased, with the remaining three indices declining. Insurance and Oil and Gas performances were bullish as the two indices closed in the green while Consumer goods, Banking, and Pension indices closed in the red. The Insurance Index, leading the gainers rose by 79 basis points (bps), Oil and gas by 9 bps. On the other hand, the Pension index dropped by 22 bps, Banking by 36 bps, while Consumer goods, having the highest decline, dipped by 41 bps.

FIDELITYBK led the top gainers having risen by 0.32 percent while HONYFLOUR led the decliners as it dropped by 7.79 percent. GTCO was the most traded stock by volume and it was also the most traded by value as of the end of the trading session for the reporting period.

Previous Post

Nigeria’s Currency Loses 85 Naira to the Dollar Between January and July 2022 at the Parallel Market 

Next Post

Nigeria May Expend N6.7 Trillion Subsidizing Fuel in 2023

Related News

Charges on cash transactions skyrocketed by POS agents.

Charges on cash transactions skyrocketed by POS agents.

by Rate Captain
February 3, 2023
0

The scarcity of the redesigned naira notes intensified over the week, frustrating many Nigerians as they scrambled to withdraw new...

Naira appreciates to N746/$ in the parallel market.

Naira appreciates to N746/$ in the parallel market.

by Rate Captain
February 3, 2023
0

The exchange rate between the naira and the US dollar traded for an average of N746/$1 on Friday, 3rd February...

CBN reduces over-the-counter withdrawals to N100k, N500k per week for individuals, companies

CBN Directs Banks to Start Paying New Naira Notes Over the Counter.

by Rate Captain
February 2, 2023
0

The Central Bank of Nigeria (CBN) has directed commercial banks to start paying the redesigned naira notes to customers over...

Naira depreciates to N749/$ in the parallel market.

Naira depreciates to N749/$ in the parallel market.

by Rate Captain
February 2, 2023
0

Naira depreciates against the US dollar at the parallel market on Thursday morning, 2 January 2023, to trade at an...

Next Post
Nigeria May Expend N6.7 Trillion Subsidizing  Fuel in 2023

Nigeria May Expend N6.7 Trillion Subsidizing Fuel in 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Airtel Africa’s nine-month turnover hits $3.9billion.

Airtel Africa’s nine-month turnover hits $3.9billion.

February 3, 2023
Charges on cash transactions skyrocketed by POS agents.

Charges on cash transactions skyrocketed by POS agents.

February 3, 2023

Popular Story

  • Shell’s annual profit hits $39.9 billion.

    Shell’s annual profit hits $39.9 billion.

    0 shares
    Share 0 Tweet 0
  • Charges on cash transactions skyrocketed by POS agents.

    0 shares
    Share 0 Tweet 0
  • Airtel Africa’s nine-month turnover hits $3.9billion.

    0 shares
    Share 0 Tweet 0
  • Naira appreciates to N746/$ in the parallel market.

    0 shares
    Share 0 Tweet 0
  • MTN Nigeria Annual profit hits N361.5 billion.

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

?>