Naira Appreciates Against U.S, Pounds Sterling

The Nigerian Naira gained N1 to N419 against the United States Dollar on Tuesday at the Investors and Exporters Forex Window managed by the FMDQ.

The local currency opened the day at N418 to a US Dollar before dropping N1 to settle at N419. An improvement of N1 when compared to the N420 it closed on Monday.

At the Central Bank of Nigeria’s (CBN) forex section, the Naira to Dollar exchange rate was stipulated at N415.65. The Naira to Pounds Sterling exchange rate also appreciated by 0.46% to N521, down from N525.447 it traded on Monday.

However, this is the rate at which the CBN transacts with deposit money banks and international money transfer operators like money gram.

While on the parallel market popularly known as the black market, the local currency was exchanged at N600 to a United States Dollar in Ibadan and in Lagos, it was reportedly higher at about N605.

Foreign Reserves

Nigeria’s foreign reserves extended its decline to $38.484 billion on Monday, down from $38.625 billion recorded on May 24, 2022.

The decline is largely due to the drop in Nigeria’s crude oil production despite the surge in global oil prices. Nigeria’s Naira is backed by the nation’s foreign reserves. Therefore, a decline in foreign reserves usually weighs on Naira exchange rates against its global counterparts.

Cryptocurrency Exchange Rate

Bitcoin to Naira exchange rate depreciated by -o.03 in the last 24 hours to N18.960 million a coin following a consistent gain in value in the last three days.

ETH, the token of the Ethereum on the other hand depreciated at -1.83% which is ₦1,165,673 – a marginal difference from yesterday’s rate of 4.12% to N1.189 million per coin.

Binance coin (BNB) also recorded a decline in rate with a -0.63% going for N191,806, unlike the  N193,045, at 0.91% of yesterday.