Exchange Rate Maintains Stability At the I&E window As Crypto Continues To Crash

Exchange Rate Maintains Stability At the I&E window As Crypto Continues To Crash

The exchange rate between the naira and the US dollar closed at N416.67/$1 on Tuesday 1st March at the official Investors and Exporters (I&E) window.

The exchange rate at the I&E window remained stable on Tuesday to close at N416.67/$1, despite a 51.32% increase in forex turnover to $121.5 million. A sum of $201.86 million has been traded in the official Investors and Exporters window so far this week

Meanwhile, the exchange rate at the parallel market gained marginally on Tuesday to close at N579/$1, representing a 0.17% appreciation compared to N580/$1 recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.

On the other hand, the exchange rate at the Peer-to-Peer (P2P) forex market depreciated by 0.49% to trade at a minimum of N575.46/$1 in the early hours on Wednesday, 2nd March 2022 compared to N572.6/$1 recorded on Tuesday morning.

While At The Official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.67/$1 on Tuesday, 1st March 2022, the same as recorded in the previous trading session.

• The opening indicative rate closed at N415.58/$1 on Tuesday, representing a 9 kobo marginal appreciation compared to the N415.67/$1 recorded on Monday, 28th 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 N408/$1 during intra-day trading,
• Meanwhile, forex turnover at the official window increased by 51.32% to $121.54 million on Tuesday, 1st March 2022.
• According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window improved from $80.32 million recorded on Monday, 28th February 2022 to $121.54 million on Tuesday.

Crypto Market

The crypto market started on Wednesday on a negative note, following an impressive close to trade recorded in the previous trading session, with the industry market capitalization surging past $1.9 trillion as of the close of trading activities on Tuesday.

As of press time, the crypto market had dipped 0.24% to stand at $1.906 trillion, indicating a downturn of $4.49 billion. The movement in the market can be attributed to the decline in the price of bitcoin.

As of the time of writing this article, bitcoin was trading at $44.143.48, representing a 0.67% depreciation, while the second most capitalized crypto asset, Ethereum had gained by 0.31% to trade at $2,987.55.

Meanwhile, the former first lady of the US, Hilary Clinton has criticized the US and European government for allowing Russians to continue to use cryptocurrency as an escape, hinging on the fact that everybody should do as much as possible to isolate the Russian economy.

“I was disappointed to see that some of the so-called crypto exchanges, not all of them but some of them, are refusing to end transactions with Russia for some, I don’t know, philosophy of libertarianism or whatever.”

Exchange Rate Maintains Stability At the I&E window As Crypto Continues To Crash