Exchange rate maintains stability as Naira trades at N581/$1 at P2P market

The exchange rate between the naira and the US dollar closed at N416.5/$1 at the official Investors and Exporters (I&E) window.

The exchange rate at the I&E window started the week on the same level as it closed on Friday, the previous week, closing flat at N416.5 to a dollar on Monday, 14th March 2022.

Similarly, Naira maintains the same rate at the Peer-to-Peer (P2P) market on Tuesday morning to trade at a minimum of N581/$1, the same as recorded in the previous trading session.

Meanwhile, the exchange rate at the parallel market recorded a marginal decline of 0.17% to close at N578/$1 on Monday, from N577/$1 recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.5/$1 on Monday, 14th March 2022, the same rate recorded as of the end of the previous week.

• The opening indicative rate closed at N416.19/$1 on Monday, representing an 2 kobo appreciation compared to the N416.21/$1 recorded on Friday, 11th March 2022.
• An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.5/$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 crypto market started the day on the reds as the industry market cap dipped 1.51% in the early hours of Tuesday to stand at $1.69 trillion. This is following a bullish outcome in the previous session as investors gained $23.39 billion on Monday, however, the early morning loss on Tuesday has cancelled out the previous day’s gain.

World most valuable crypto asset dipped 2.02% to trade at $38,864 as of press time, following a 2.36% gain recorded as of 10:51pm (Nigerian time) on Monday. Ethereum also followed with a 1.35% decline on Tuesday to trade at $2,555.1.

Solana and Terra both have dipped 1.22% and 1% respectively. While Uniswap recorded a 1.3% price decline to trade at $8.37.

Meanwhile, the Ukrainian government has announced it has partnered with crypto exchange, FTX and staking platform Everstake to launch a donation website for users wishing to send crypto to help the country and its people, following the invasion by Russia on Ukraine that has lingered into the third week.