Naira to Dollar

The Naira fall began in March 2022 with a massive fall, with FX demand surging.

 

In the same direction, the dollar to naira exchange rate between the Nigerian currency naira and the US dollar closed at N416.67/$1 at the official Investors and Exporters (I&E) window on Monday, February 28, 2022.

This online news platform understands that the exchange rate at the I&E window depreciated marginally on Monday to close at N416.67/$1, which represents a 0.16% fall compared to N416/$1 recorded in the previous trading session.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦570 and the price can change (high or low) within hours.

Meanwhile, Ejes Gist  reports that FX turnover at the official market dropped by 40.23% to $80.32 million on Monday from $134.39 million recorded on Friday of the previous week. Recall that a total of $571.1 million was traded in the market in the previous week.

The dollar to naira exchange rate at the Peer-to-Peer (P2P) forex market, on the other hand, appreciated by 1.276% to trade at N572.6/$1 in the early hours of Tuesday, 1st March 2022 compared to N580/$1 recorded on Monday morning.

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, 28th February 2022, which represents a 0.16% depreciation compared to N416/$1 recorded in the previous month.

The opening indicative rate closed at N415.67/$1 on Monday, representing a 32 kobo depreciation compared to the N415.35/$1 recorded on Friday, 25th 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,

Ejes Gist  reports that forex turnover at the official window dropped by 40.23% to $80.32 million on Monday, 28th February 2022.

Forex turnover at the I&E window decreased from $134.39 million on Friday, February 25, 2022 to $80.32 million on Monday, according to data compiled by Ejes Gist of FMDQ.

Crypto market

In the early hours of Tuesday morning, the crypto market began on a positive note, with the industry market capitalization rising 0.39 percent to $1.882 trillion. Similarly, after a significant drop in the two previous trading sessions, the flagship crypto asset gained 0.79 percent to trade at $43,532.76 at the same time.

On Tuesday morning, Ethereum gained 0.14 percent to trade at $2,927, while Solana lost 2.62 percent to trade at $97.1125, Terra lost 2.6 percent to trade at $89.0349, and Uniswap lost 1.23 percent to trade at $10.4.

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Despite the fact that the dollar to naira opened in the parallel market at ₦580 per $1 todayEjes Gist  reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The governor of the apex bank, Godwin Emefiele has directed that anyone seeking forex to approach their bank, affirming that the I&E window is the only known exchange window in Nigeria.

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