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Naira falls massively at the black market see new exchange rate emerges

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3 years ago

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Naira has fallen massively at the black market as new exchange rate.

IDOMA VOICE 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, IDOMA VOICE reports 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 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.

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