Forex turnover at the official market drops marginally to $138.95 million

Tuesday, 22nd February 2022: The exchange rate between the naira and the US dollar closed at N416/$1 at the official Investors and Exporters (I&E) window.

The exchange rate at the I&E window recorded a 0.16% gain to close at N416/$1 on Tuesday, 22nd February 2022 compared to N416.67/$1 recorded in the previous trading session.

Meanwhile, a total of $138.95 million in FX value was traded on Monday, representing a marginal decline when compared to the $141.31 million that exchanged hands in the previous trading session. This brings the total FX turnover so far for the week to $280.26 million.

Along the same line, the exchange rate appreciated marginally by 0.17% to close at $575/$1 on Tuesday, 22nd February 2022 compared to N576/$1 recorded on Monday, 21st February 2022. This is according to information obtained from BDC operators interviewed by Nairametrics.

The exchange rate at the Peer-to-Peer (P2P) forex market depreciated further by 0.16% to trade at a minimum of N583 to a dollar on Wednesday morning compared to N582.05/$1 recorded on Tuesday, 22nd February 2022.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416/$1 on Tuesday, 22nd February 2022, representing a 0.16% gain compared to N416.67/$1 recorded in the previous trading session.

The opening indicative rate closed at N415.76/$1 on Tuesday. This represents a 14 kobo appreciation compared to the N415.9/$1 recorded on Monday, 21st February 2022.

An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416/$1, while it sold for as low as N406/$1 during intra-day trading,

Meanwhile, forex turnover at the official window dropped marginally by 1.67% to $138.95 million on Tuesday, 22nd February 2022.

According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window decreased to $138.95 million on Tuesday from $141.31 million recorded on Monday, 21st February 2022.

Crypto market

There was minimal movement in the cryptocurrency market in the early hours of Wednesday morning, as the industry market capitalization gained a marginal $2.07 billion gain to stand at $1.7 trillion, following a positive movement in the previous trading session.

However, bitcoin dipped marginally by 0.65% on Wednesday morning to trade at $37,996.9, while the second most capitalized crypto asset, Ethereum gained 0.95% to trade at $2,663.49.

As of press time, the price of Solana had gained 3.27% to trade at $89.255, Terra gained 2.78% to trade at $46.298, while Uniswap appreciated by 0.68% to trade at $8.92.

Meanwhile, the Russian Ministry of Finance has prepared and submitted a new bill to expand crypto regulations to the government. The law aims to introduce rules for investment in cryptocurrencies while at the same time cementing a ban on their use in payments.