Naira Kickstarts The Week With High Hopes, Maintains Flat Rate With Dollar

The Nigerian Naira kicked off the week at a flat rate on the FMDQ’s forex exchange window with N418 to US$1 Dollar, as concluded in the previous week.

According to the Central Bank of Nigeria’s (CBN) official exchange rate, US Dollar to Naira exchange rate is set at ₦415.57 on Monday, May 30, 2022. While at the Investors and Exporters’ window (FMDQ), the Naira opened the day at N418.38 and closed at N420, representing a decline of 0.18%.

The dollar started last week at ₦415.68 in CBN exchange rate lists on Monday, May 23, 2022, and about the same rate for N418 was announced by FMDQ last week’s commencement. This corresponds to a 0.03% fall for the Dollar in CBN since last week.

As of last week, Wednesday, Investors King reported the Naira’s fall by 0.24 percent versus the US Dollar, falling from N417 to N416. The FMDQ-managed foreign exchange sector opened at N418 and was recognized by the central bank as the official exchange rate.

Investors King had suggested that this was due to the following of Central Bank of Nigeria‘s decision to raise the nation’s interest rate by 150 basis points.

US Dollar rate suggested by CBN was ₦415.62 at the beginning of May on Wednesday, May 04, 2022. As of today with USD seen at ₦415.57, we see a 0.01% fall in USD to Naira exchange rates in CBN for this Ma

The Naira’s strain at the parallel black market also began the week in good faith. The Naira was traded between N600 – N605 to a US Dollar as against the N608 it concluded the previous week with. This means Naira increased its value by N3 against the dollar.

Cryptocurrency Exchange Rate

Bitcoin to Naira exchange rate appreciated by 3.73% in the last 24 hours to N19.12 million a coin. ETH, the token of the Ethereum protocol gained 4.12% to N1.189 million per coin.

The gain was reasonable broad-based as the Binance coin (BNB) also inched slightly higher to N193,045, a 0.91% increase.

This week’s rebound in cryptocurrency was after several weeks of a bearish trend following the increase in interest rates in developed nations to halt the rising inflation rates and curtail the Russia-Ukraine spillover.