Despite a 222% increase in currency availability, the Naira declines on the P2P market to N691 per $1.

At the official foreign exchange market, the naira/dollar exchange rate closed at N429.43/$1.

In comparison to the N429.05/$1 exchange rate recorded on Friday, August 19, 2022, the currency rate decreased marginally to close at N429.43/$1, or a 0.09% depreciation. In the meantime, the amount of FX supply increased by 222.3% to $161.94 million from 50.22 million in the previous trading session.

Similarly, the Naira depreciated by 0.16% from N689.9/$1 reported in the previous trading session to trade at N691/$1 on Tuesday morning, August 23, 2022, on the peer-to-peer FX market.

On Monday, August 22, 2022, Nigeria’s foreign exchange reserves increased marginally by 0.012% to reach $38.912 billion, up from $38.907 billion in the previous trading transaction. Due to the CBN’s persistent involvement in the official FX market in an effort to control exchange rate volatility, the reserve level has decreased considerably year to date. Even if the reserves are still very low, rising non-oil export profits are starting to increase them.

Trading using the NAFEX official window
On Monday, August 22, 2022, the official market’s closing exchange rate was N429.43 to $1, a decrease of 0.09% from the N429.05/$1 recorded on Friday, August 19, 2022.

On Monday, August 22, 2022, the starting indicative rate decreased to N429.07/$1 from the N428/$1 reported in the previous trading session.
It also fluctuated as low as N415/$1 during intraday trading, with the highest rate during intraday trading reaching N432/$1 before it ended at N429.43/$1.
FX value was transacted for a total of $161.94 million on Monday, a 222.46% increase over the $50.22 million that was done so on Friday, August 19, 2022.

Despite yesterday’s recovery in the cryptocurrency market, trading on the exchanges began on Wednesday with a gloomy tone as the market value fell by 1.75% to $1.22 trillion.
Bitcoin, the most valuable cryptocurrency, saw a 2.69% decrease to trade at $30,287.34 while Ethereum saw a 1.37% decline to trade at $1,787.22 as of 5:20am (WAT).
Similar price movements were seen for Solana, which dropped 1.18% to trade at $38.835, Uniswap, which fell 1.36% to shop at $5.146, and Luna, which increased 1.03% to trade at $0.00006466.

Between this week and the first week of June, the naira has experienced a massive weekly decline. the depreciation of the naira has stayed consistent, and this calls for concern especially seeing as nothing is being done about it.