New Exchange Rate Emerges As Naira Falls Massively At Black Market

New Exchange Rate Emerges As Naira Falls Massively At Black Market

At the official Investors and Exporters (I&E) window, the dollar to naira exchange rate between the naira and the US dollar closed at N416.67/$1, marking the first positive movement in the official market in four trading days.

On Monday, February 21st, 2022, the exchange rate at the I&E window increased by 0.02 percent to close at N416.67/$1, up from N416.75/$1 in the previous trading session.

Meanwhile, a total of $141.31 million in foreign exchange value was moved on Monday, more than double the $64.03 million transferred the day before.

On the other side, Naira fell marginally by 0.17 percent on Monday, February 21, 2022, to settle at $576/$1 compared to N575/$1 on Friday, February 18, 2022. According to information gathered from BDC operators, this dollar to naira exchange rate is a huge drop from the N565/$1 it traded for weeks.

Also, the dollar to naira exchange rate on the Peer-to-Peer (P2P) forex market declined by 0.18 percent on Tuesday morning, trading at a low of N582.05 to a dollar, down from N581/$1 on Monday, February 21, 2022.

Trading At The Official NAFEX Window

On Monday, February 21st, 2022, the dollar to the naira exchange rate at the Investors and Exporters window closed at N416.67/$1, up 0.02 percent from the previous trading session’s N416.75/$1.

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.

Read More: Latest Dollar To Naira Exchange Rate Today 22nd 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

Following a 1.36 percent drop in the previous trading session, the crypto market started trading on Tuesday on the downside, with the industry market capitalization falling 1.42 percent to $1.626 trillion in the early hours of Tuesday, February 22nd, 2022.

In a similar vein, bitcoin fell 1.19 percent to $36,610 at 6:14 a.m. on Tuesday. In the previous trading session, the flagship crypto-asset had lost 1.87 percent of its value. In the meantime, despite a slight increase in the price of Ethereum on Monday, it began the day on Tuesday with a 2.25 percent drop, trading at $2,511.41.

Meanwhile, as of press time, Solana’s price had dropped 1.56 percent to $81.6975, Terra’s price had down 1.95 percent to $49.1482538, and Uniswap’s price had dropped 2.23 percent to $8.34.