Wednesday, September 14, 2022: The exchange rate at the Nigerian Investors and Exporters (I&E) FX Window maintains a record-low as the naira drops 0.4 percent against the dollar from the opening price of N434.75 to close at N436.50/$1. On a day-on-day basis, it depreciated 0.1 percent but stabilized week-on-week.
Historic data compiled by Rate Captain from FMDQ Exchange also shows that the naira dropped on a month-on-month basis, losing 1.6 percent to the dollar.
An exchange rate of N437/$ was the highest rate recorded during the intra-day trading before it settled at N436.50/$1 at the end of the trading session, while it also traded as low as 423/$ during intra-day trading. According to data from FMDQ, a total of $65.95 million was traded at the Investors and Exporters (I&E) Window on Wednesday, representing a $17.76 million (21 percent) decrease from the $83.71 million traded the previous day.
Trading activities at the parallel (black) market suggest that the naira may be racing to a new record-low as it draws near to the N710/$ threshold. As of the close of trading, the naira depreciated against the dollar to about N703/$. Although it gained 0.4 percent day-on-day, it has remained largely volatile throughout the month. On a week-on-week basis, the naira depreciated 0.7 percent against the dollar. Trading activities at the B2B market show that the naira depreciated, having closed at about N710/$ for the same period being reported. This is based on the information obtained from forex marketers in Lagos.
Nigeria’s foreign reserve took a downturn as the gross foreign reserve stands at $38.8 billion as of September 12, 2022, dropping from $38.9 billion recorded on September 9, 2022, according to data from the Central Bank of Nigeria (CBN).
Capital Market Update
As of September 14, 2022, the Nigerian equities market closed the trading session with the NGX All Share Index (ASI) decreasing by 10 basis points (bps) to close at 49575.93. The trading volume was 197,457,773 units. The total value that exchanged hands was N2,942,620,524.06.
Except for the Oil and Gas sector which stabilized, all the sectors under our purview recorded a negative performance as their indices closed red. The Banking index decreased by 132bps, Insurance by 109bps, Pension by 29bps, and Consumer Goods by only 2bps. On the other hand, Oil and Gas recorded no change.
REGALINS stock led the top gainers as the share price rose by 8 percent, while FTNCOCOA led the decliners after dropping by 9.38 percent. COURTVILLE emerged as the most traded stock by volume as 87,144,422 units of its stock were traded at N40,991,010.07. On the other hand, ZENITHBANK was the most traded by value as N360,257,782.40 exchanged hands for 18,250,335 units of its shares.
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