Naira has fallen massively at the black market as a new exchange rate emerges.
Glamtush reports that dollar to naira exchange rate between the naira and the US dollar closed at N416.67/$1 at the official Investors and Exporters (I&E) window, representing the first positive movement in the official market in the past four trading sessions.
The exchange rate at the I&E window appreciated marginally by 0.02% to close at N416.67/$1 on Monday, 21st February 2022 compared to N416.75/$1 recorded in the previous trading session.
Meanwhile, Glamtushreports that a total of $141.31 million in FX value exchanged hands on Monday, representing more than double the $64.03 million traded in the previous session.
On the other hand, Naira depreciated marginally by 0.17% to close at $576/$1 on Monday, 21st February 2022 compared to N575/$1 recorded on Friday, 18th February 2022. This dollar to naira exchange rate which is a massive fall from the N565/$1 it traded for weeks, according to information obtained from BDC operators.
Also, the dollar to naira exchange rate at the Peer-to-Peer (P2P) forex market depreciated by 0.18% to trade at a minimum of N582.05 to a dollar on Tuesday morning compared to N581/$1 recorded on Monday, 21st February 2022.
Trading at the official NAFEX window
The dollar to naira exchange rate at the Investors and Exporters window closed at N416.67/$1 on Monday, 21st February 2022, representing a 0.02% gain compared to N416.75/$1 recorded in the previous trading session.
- It is worth noting that this is the first upward movement for the local currency in the past four trading sessions at the official FX market.
- The opening indicative rate closed at N415.9/$11 on Monday. This represents a 5 kobo depreciation compared to the N415.85/$1 recorded on Friday, 18th February 2022.
- An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.67/$1, while it sold for as low as N410/$1 during intra-day trading,
- Meanwhile, forex turnover at the official window surged by 120.69% to $141.31 million on Monday, 21st February 2022.
- According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased to $141.31 million on Monday from $64.03 million recorded on Friday18th February 2022.
Crypto market
The crypto market resumed trading activities on Tuesday on the negative as the industry market capitalization sipped 1.42% to stand at $1.626 trillion in the earlier hours of Tuesday, 22nd February 2022, following a 1.36% decline recorded in the previous trading session.
In the same vein, bitcoin recorded a 1.19% decline as of 6:14 am on Tuesday to trade at $36,610. The flagship crypto-asset had witnessed a price decline of 1.87% in the previous trading session. Meanwhile, despite the marginal appreciation recorded in the price of Ethereum on Monday, it started the day on Tuesday with a 2.25% decline to trade at $2,511.41.
Meanwhile, the price of Solana as of press time had depreciated by 1.56% to trade at $81.6975, Terra recorded a decline of 1.95% to trade at $49.1482538, while Uniswap dipped 2.23% to trade at $8.34.
