Bad Day For The Naira as it Exchanges For N611 Per Dollar on The Black Market

• The naira fell again on Thursday, June 23, 2022 to trade at N611 per dollar on the black market after a slight improvement the day before
• On Wednesday, June 22, 2022, the naira also depreciated to close at N420.5 per dollar in comparison to N420.26 traded the previous day
• However, the external reserves slightly appreciated to $38.82 billion, why the cryptocurrency market saw a decline

There is no respite for the naira as it continues to take a bloody nose on the parallel and black market.

Nigeria’s local currency closed at N420.5 per dollar at the Investors and Exporters window.

Naira closed a little weaker on Wednesday, June 22, 2022, with a 0.05 depreciation, closing at N420.5 per dollar in comparison to N420.26 recorded in the previous trading session, according to information from the FMDQ website.

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External reserves rises marginally

A total of $71.99 million in FX value changed hands on Wednesday, June 22, 2022, as against the $108.06 million that was traded the day before which represents a 33.38 per cent decline.

The exchange rate at the parallel market went down by 0.66 per cent to trade at N611 per dollar on the morning of Thursday, June 23, 2022, from the N607 per dollar it traded the day before, according to information from Bureau de Change operators.

Nairametrics report says the exchange rate of the peer-peer market recorded a slight improvement on the morning of Thursday, June 23, 2022, trading at N612.85 per dollar in comparison to N613 per dollar recorded in the same period on the day before.

The country’s external reserves saw an increase by adding 0.07 per cent on Tuesday, June 21, 2022, to stand at $38.82 billion from $38,79 billion recorded the day before.

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Nigeria’s external reserves had witnessed a decline due to the Central Bank of Nigeria’s unabating intervention by it in the FX market in order to ensure the stability of the naira.

Cryptocurrency update

The crypto market saw a rebound on Wednesday, June 22, 2022, as the industry cap went down by 1.75 per cent to stand at $1.22 trillion.

Bitcoin also saw a 2.69 per cent decline to trade at $30,287.34, while Ethereum also declined to trade at $1.787.22.

Naira capitulates at the official market despite CBN’s Forex interventions

Legit.ng reported that Nigeria’s currency is finding it hard to square up to other international currencies, especially the dollar as it exchanged for N420 per dollar on Thursday, June 16, 2022, at the official market.

This is despite the Central bank of Nigeria’s continued intervention in the forex market.

Naira weakened against the dollar despite an improvement in the supply of forex in the official market. The exchange rate went down by 0.12 per cent to close at N420.5 per dollar in comparison to N420 per dollar at which it closed on Wednesday, June 15, 2o22, Nairametrics reports, citing information from the FMDQ website.

Source: Legit.ng