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Naira falls to N609/$1 on The illegal Market As Forex liquidity Remains Poor

The exchange rate between the naira and the US dollar at the Investors and Exporters (I&E) market ended at N418/$1 on Wednesday, May 25th, 2022.

News Headlines

  • Naira is now on the exchange rate of N609/$1
  • Ngn Forex Markets Liquidity Remain Poor

On Wednesday, the Naira gained 0.24 percent versus the US dollar, closing at N418/$1 compared to N419/$1 at the close of business on Tuesday, May 24th, 2022.

In addition, the market handled $108.33 million in FX on Wednesday, up 24.43 percent from the previous session’s $87.06 million.

On Thursday morning, the peer-to-peer market’s exchange rate fell by 0.07 percent to $608.55, down from N608.12/$1 the day before. Since the CBN’s announcement, the naira has depreciated by 0.39 percent in the market.

The exchange rate between the naira and the US dollar in the Investors and Exporters (I&E) market ended at N418/$1 on Wednesday, May 25th, 2022.

On Wednesday, the Naira gained 0.24 percent versus the US dollar, closing at N418/$1 compared to N419/$1 at the close of business on Tuesday, May 24th, 2022. In addition, the market handled $108.33 million in FX on Wednesday, up 24.43 percent from the previous session’s $87.06 million.

Naira falls to N609/$1 on The illegal Market As Forex liquidity Remains Poor.
Naira falls to N609/$1 on The illegal Market As Forex liquidity Remains Poor.

On Thursday morning, the peer-to-peer market’s exchange rate fell by 0.07 percent to $608.55, down from N608.12/$1 the day before. Since the CBN’s announcement, the naira has depreciated by 0.39 percent in the market.

On Wednesday, the official NAFEX window saw aira rise for the second day in a row against the US dollar, with a 0.24 percent advance to settle at N489/$1, its highest level in almost three weeks.

On Wednesday, May 25th, 2022, the opening indicative rate closed at N417.79/$1, an increase of 21 kobo over the previous trading session’s rate of N418/$1.

Furthermore, during intra-day trading, the highest rate recorded was N444/$1 before settling at N418/$1, and it sold for as low as N413/$1 before settling at N418/$1.

On Wednesday, a total of $108.33 million in foreign exchange value was transacted, up 15.69 percent from $87.06 million on Tuesday.

A Brief Update on the Cryptocurrency Market

On Wednesday, the crypto market had a 0.07 percent loss in market value, bringing it to $1.252 trillion as of 23:09 a.m. (WAT). Although bitcoin increased by 0.5 percent to $29,788.55, Ethereum dropped by 0.72 percent to $1,963.

On Wednesday, Uniswap and Terra bother rose 0.36 percent and 5.62 percent, respectively, to trade at $5.62 and $0.000186, while Solana lost 2.06 percent to trade at $48.605.

Source: Nairametrics.com

The Heartz Team. 

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