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Home Currencies

Naira Drops by 1.7% Against the Dollar at the Investors and Exporters (I&E) Window

Rate Captain by Rate Captain
July 6, 2022
in Currencies
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Naira Drops by 1.7% Against the Dollar at the Investors and Exporters (I&E) Window
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Tuesday, July 5, 2022: The exchange rate between Naira and the US Dollar closed at N430/$1 at the Investors and exporters Window (I&E) window, representing a record-low year-to-date.

Naira depreciated further against the US dollar on Tuesday ,, ending the day with a 1.7 percent depreciation having closed at N430/$1 compared to N422.71/1 recorded at the opening of trading activities on the same day.

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In the parallel market, the exchange rate depreciated on Tuesday as Naira traded lower against the US dollar at N612/$1, representing a 0.16 percent depreciation compared to N611/$1 recorded as of the beginning of trading session on the same day. This is according to the information RateCaptain obtained from BDCs operators in Nigeria.

Likewise, in the B2B market, the exchange rate depreciated by 0.16 percent on Wednesday morning at about N618/$1, in contrast to the N617/$1 recorded as of the begining of the day.

Trading at the Official NAFEX Window

  • The exchange rate at the official NAFEX window dipped further on Tuesday to close at N430 to a dollar as against the 425.75 recorded on Monday, July 4, 2022, representing a 0.1 percent depreciation.
  • The opening indicative rate closed at N430/$1 on Tuesday, July 5 2022, from 422.25/$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 N430/$1, while it also traded as low as 413.40 during the intra-day trading.
  • As of July 4 2022, a total of N47.56 million in FX value was traded in the official I&E window

External Reserve

Nigeria’s Gross External Reserve Continues to Improve on the Back of Bullish Crude Oil Prices. According to data from the Central Bank of Nigeria (CBN), Nigeria’s gross external reserves stood at $39.25 billion as of July 4, 2022. This indicates an increase of about 0.25 percent ($98.74 million) from $39.16 billion recorded on 30 June 2022. This is Nevertheless close to the $42 billion projection of the CBN governor for mid-2022. This upward movement in reserve since June is attributable to the sustained increase in crude oil prices.

Capital Market Update

As of July 5, 2022 the Nigerian equities market closed trading session on a bearish note with the NGX All Share Index (ASI) declining by 0.4 percent 51791.45 to 51586.50. The trading volume was 28,457,905 at the value of N 267,537,752.8.

For the sectors under our review; Banking, Pension, Insurance and Consumer Good sectors, performances were bearish as the four indices closed in red while the Oil and Gas index remained flat. Banking index dipped by 53bps, Insurance 48bps, Consumer Goods 58bps, and Pensions leading the losers with 63bps decline

What You Should Know

  • According to the International Monetary Fund (IMF), External reserves consist of official public sector foreign assets that are readily available to and controlled by the monetary authorities for direct financing of external payments.
  • Investors and Exporters (I&E) window is where forex is traded officially.
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