Naira crashes massively at the official investors’ and exporters’ window

Naira has crashed massively at the official investors’ and exporters’ window.

IDOMA VOICE reports that the exchange rate between the naira and the US dollar closed at N416.67/$1 at the official Investors and Exporters (I&E) window.

The exchange rate at the I&E window depreciated marginally on Thursday, 17th March 2022 by 0.04% to close at N416.67 compared to N416.5/$1 recorded in the last four trading sessions.

However, the exchange rate at the parallel market closed flat on Thursday at N578/$1, the same as recorded in the previous trading. This is according to information obtained from BDC operators interviewed by Nairametrics.

Meanwhile, naira gained 0.172% to trade at a minimum of N580/$1 on Friday morning, compared to N581/$1 recorded on Thursday.

In terms of the foreign reserve, Nigeria’s FX reserve dipped marginally by 0.004% to stand at $39.702 billion as of Wednesday, 16th March 2022 compared to $39.703 billion recorded in the previous day. The decline is attributed to the continuous intervention by the CBN in the official market.

Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416.67/$1 on Thursday, 17th March 2022, representing a 0.04% depreciation compared to N416.5/$1 recorded in the past three trading sessions.

• The opening indicative rate closed at N416.08/$1 on Thursday, representing a 11 kobo appreciation compared to the N416.19/$1 recorded on Wednesday, 16th March 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,
• It is worth noting that information on the daily forex turnover at the Investors and Exporters window has not been available on the official exchange rate source (FMDQ).

Crypto market update

The cryptocurrency market started the day on a bearish note, declining by 0.68% on Friday morning to stand at $1.78 trillion. The movement in the market is largely driven by the bearish trade recorded in Bitcoin.

World’s most valuable crypto asset, bitcoin dipped 0.56% as of press time to trade at $40,731.87, while Ethereum, the second-largest crypto-asset dipped 0.68% to trade at $2,795.5. In the same vein, Solana dipped 1.95% to trade at $86.1775, Terra dipped 1.85% to trade at $85.269, and Uniswap declined by 1.63% to trade at $9.08.