Naira falls to N580/$1 at black market as demand for FX surges

Naira falls to N580/$1 at black market as demand for FX surges

On Monday, February 28th, 2022, the Investors and Exporters window's exchange rate ended at N416.67/$1, a 0.16 percent devaluation from the previous month's rate of N416/$1.

On Monday, the opening indicative rate closed at N415.67/$1, a 32 kobo depreciation from the N415.35/$1 recorded on Friday, February 25, 2022.

During intra-day trading, the highest rate recorded was N444/$1 before settling at N416.67/$1, and it sold for as low as N410/$1 before settling at N416.67/$1.

Meanwhile, on Monday, February 28th, 2022, FX turnover at the official window fell by 40.23 percent to $80.32 million.

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 analyzed from FMDQ.

On Monday, the I&E window exchange rate fell by 0.16 percent to close at N416.67/$1, down from N416/$1 in the previous trading session.

In the same vein, the parallel market's exchange rate fell 1.22 percent on Monday, closing at N580/$1, down from $573/$1 in the previous trading session. According to information gathered by BDC operators who were interviewed, this is the case.

Meanwhile, FX turnover on the official market fell 40.23 percent to $80.32 million on Monday, compared to $134.39 million the previous Friday. Remember that in the previous week, the market transacted for a total of $571.1 million.

The exchange rate on the Peer-to-Peer (P2P) FX market, on the other hand, increased by 1.276 percent to N572.6/$1 in the early hours of Tuesday, March 1, 2022, compared to N580/$1 on Monday morning.

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

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