Naira falls to N581/$1 at P2P FX market

Thursday, 10th March 2022: The exchange rate between the naira and the US dollar closed at N416.67/$1 at the official Investors and Exporters (I&E) window.

The exchange rate at the I&E window depreciated further by 0.04% on Thursday to close at N416.67 to a dollar compared to the N416.5/$1 recorded in the previous day. Recall that the exchange rate had depreciated in the previous trading session by 0.12% from N416/$1.

Naira fell at the Peer-to-Peer (P2P) market on Friday morning to trade at N581.2/$1, representing a 1.1% depreciation compared to N575/$1 that it had maintained in the previous three trading sessions.

On the other hand, the exchange rate at the parallel market gained by 0.52% to close at N577/$1 from N580/$1 recorded on Wednesday, 9th March 2022. This is according to information obtained from BDC operators interviewed by Nairametrics.

Read: CBN believes these 6 policies will save the Naira from the threat of collapse

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.5/$1 on Wednesday, 9th March 2022, a 0.12% depreciation from N416 to a dollar recorded on Tuesday.

• The opening indicative rate closed at N416.1/$1 on Thursday, representing an 11 kobo appreciation compared to the N416.21/$1 recorded on Wednesday, 9th March 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.
• 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).

Read: Who will save the Naira?

Crypto market update

The world’s most valuable crypto asset, Bitcoin started on a downturn on Friday, 11th March 2022 with a 1.8% price decline as of press time to trade at $38,739.84 triggering a 1.49% decline in the industry market capitalization as investors $26.1 billion in the early trading hours.

Ethereum also followed in the same direction with a 1.54% decline to trade at $2,568.4, while Solana dipped by 1.8% to trade at $81.4. Similarly, Terra dipped 5.65% to trade at $95.52 while Uniswap followed with a 0.12% decline to trade at $8.67.

Meanwhile, cryptocurrency exchange founded by Africans, Quidax has announced its listing on CoinMarketCap, one of the world’s leading sources of cryptocurrency-related market data, becoming the first fully African owned crypto exchange to be listed on CoinMarketCap.