CBN’s foreign reserve plunges further as exchange rate weakens across FX markets

Dollar (USD) to Naira Black Market Rate today- 25th May 2022

Thursday, May 26th, 2022: At the Investors and Exporters (I&E) window, the naira and the US dollar exchange rate closed at N418.88/$1.

On Thursday, the naira depreciated slightly against the US dollar, losing 0.21 percent to settle at N418.88/$1, down from N418/$1 at the close of trading on Wednesday. Despite a 45.35 percent rise in the amount of foreign exchange exchanged on the official market, the currency has depreciated.

Significantly, currency turnover surged 45.35 percent to $157.46 million from $108.33 million in the previous trading session.

In addition, the peer-to-peer market’s exchange rate fell by 0.07 percent on Friday morning, reaching a low of $608.99/$1, down from N608.55/$1 the day before.

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Meanwhile, the parallel market’s exchange rate finished at N609/$1 on Thursday, unchanged from the previous trading session. According to information collected from BDCs in Nigeria, this is the case.

Nigeria’s external reserves fell by 0.07 percent on Wednesday, to $38.59 billion from $38.63 billion the day before. The fall in external reserves can be linked to the Central Bank’s ongoing involvement in the foreign exchange market in order to maintain the local currency’s stability.

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Trading at the official NAFEX window

The exchange rate depreciated by 0.21% on Thursday to close at N418.88/$1 from N418/$1 recorded on Wednesday.

  • The opening indicative rate closed at N419/$1 on Thursday, 26th May 2022, N1.21 depreciation appreciation compared to N417.79/$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 N418.88/$1, while it sold for as low as N410/$1 during intra-day trading.
  • A total of $157.46 million in FX value was traded on Thursday, representing a 45.35% increase compared to $108.33 million traded on Wednesday.
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Crypto market update

The crypto market started trading activities on Friday on a bearish note as the market lost 1.46% in capitalization as of press time to stand at $1.179 trillion.

Flagship crypto asset and the most capitalized cryptocurrency has lost 1.05% to trade at $28,875.73, while Ethereum, dipped 1.8% to trade at $1,759.97.

In the same vein, Solana recorded a 5.27% price depreciation to trade at $41.1725, Uniswap recorded a 2.43% decline to trade at $4.82, while Luna dipped 0.21% to trade at $0.00014969.

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