At the I&E window, the naira closes unchanged at N417/$1 as $135.7 million changes hands

Wednesday, March 23, 2022: At the official Investors and Exporters (I&E) window, the exchange rate between the naira and the US dollar closed at N417/$1, unchanged from the previous day.

On Wednesday, March 23rd, 2022, the exchange rate at the I&E window remained unchanged at N417/$1, the same as on Tuesday. In the previous trading session, the official rate had fallen by 0.18 percent.

The parallel market witnessed a market depreciation, with the exchange rate selling for an average of N583/$1, down 0.87 percent from the previous session's rate of N578/$1. According to information collected from BDCs in Nigeria, this is the case.

In the early hours of Thursday, the Naira gained 0.342 percent on the Peer-to-peer market (P2P) to trade at a minimum of N582.1/$1, which is 0.342 percent higher than the N584.1/$1 recorded on Wednesday.

Nigeria's foreign reserve fell by 0.09 percent on Tuesday, March 22nd, 2022, to $39.54 billion, down from $39.58 billion the day before. The CBN's continual intervention in the official market is blamed for the drop.

Trading at the NAFEX official window

On Wednesday, March 23rd, 2022, the Investors and Exporters window's exchange rate closed at N417/$1, the same as the previous trading session's closing rate.

On Wednesday, the opening indicative rate closed at N415.98/$1, a 10 kobo depreciation from the N415.88/$1 recorded on Tuesday, March 22nd, 2022.

Within intra-day trade, the highest rate recorded was N444/$1 before settling at N417/$1, while it sold for as low as N410/$1 during the same period.

On Wednesday, $135.69 million in foreign exchange was transacted in the official Investors and Exporters window.

Forex turnover jumped 72.39 percent from $78.71 million on Tuesday to $135.69 million on Wednesday, March 23, 2022, according to data from the FMDQ.

A brief update on the cryptocurrency market

The crypto market started trading on Thursday, March 24th, 2022, with the industry market capitalization increasing by 0.61 percent to $1.92 trillion.

The market's movement is mostly influenced by the success of bitcoin and Ethereum, the two most valuable crypto assets. In the early hours of Thursday, the flagship cryptocurrency, bitcoin, rose 0.65 percent to $43,204.82.

In a similar vein, Ethereum increased by 0.51 percent to $3,054.88, while Terra increased by 0.06 percent to $94.9819. Uniswap climbed 2.6 percent to trade at $10.28, while Solana gained 2.23 percent to trade at $96.99.

In the meanwhile, Thailand has made it illegal to use digital assets to pay for goods and services. The Asian government continues to crack down on the cryptocurrency business, warning that its financial system and economy could be jeopardized if the assets are adopted.