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 Closes at N430 at the Investors and Exporters (I&E) Window as Scarcity of Dollar Persists

Rate Captain by Rate Captain
July 25, 2022
in Currencies
Reading Time: 2 mins read
A A
0
Naira Closes at N430 at the Investors and Exporters (I&E) Window as Scarcity of Dollar Persists
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Friday, July 22, 2022: The Nigerian Investors and Exporters (I&E) FX Window closed the trading session on a bearish note as the naira dipped to N430/$ representing a 0.7 percent depreciation from the opening rate (N427/$) at the beginning of trading activities. However, on a week-on-week basis, the naira slightly rose by 0.08 percent from N430.33/$ recorded as of the end of trading the Friday of the previous week.

An exchange rate of N444/$1 remained the highest rate recorded during the intra-day trading before it settled at N430/$ at the end of the trading session, while it also traded as low as N406.90/$ during intra-day trading. According to data from FMDQ, a total of $57.79 million was traded at the Investors and Exporters (I&E) Window for the reporting period. Represent a decrease of 47 percent from the $108.83 million traded the previous day. This shows the level of scarcity of the greenback in the market as fewer transactions were carried out compared to the previous day.

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 N650/$, declining by 1.4 percent compared to N641/1 traded the previous day. Trading activities at the B2B market show that the exchange rate closed at about N654/$ 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 not improved significantly 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.

The CBN has also maintained a restrictive foreign exchange management policy with consistent intervention in the market.

Capital Market Update 

As of July 22, 2022, the Nigerian equities market closed the trading session on a bearish note as the NGX All Share Index (ASI) dipped by 27 basis points (bps) to close at 51979.92. The trading volume was 205,055,019 units, rising from 1,002,793 units traded on Thursday, the previous day.

For sectors under our review, performances were mixed as the NGX indices for two sectors increased, while one remaining index declined. Insurance and consumer goods were bullish as the two indices closed in the green while Banking, pension, and oil and gas indices closed in the red. The Insurance index, leading the gainers rose by 131 bps, consumer goods by 22 bps. On the other hand, the oil and gas index dropped by 12 bps, pension by 74 bps, while Banking, having the highest decline, dipped by 274 bps.

Previous Post

Nigeria May Expend N6.7 Trillion Subsidizing Fuel in 2023

Next Post

EU Turns to Nigeria for Additional Gas Supply as it Anticipates Cuts From Russia

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
EU Turns to Nigeria for Additional Gas Supply as it Anticipates Cuts From Russia

EU Turns to Nigeria for Additional Gas Supply as it Anticipates Cuts From Russia

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
  • Why raising the Monetary Policy Rate was imperative for the Central Bank

    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.

?>