Naira Falls Massively Against Dollar At P2P FX Market

Naira Falls Massively Against Dollar At P2P FX Market

The exchange rate between the naira and the US dollar closed at N416.67/$1 on Thursday 10th March 2022 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 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.

While 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).

Crypto Market

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, the 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.

Naira Falls Massively Against Dollar At P2P FX Market