Down goes the naira, falls to N575/$1
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 depreciated further albeit marginally by 0.04% to close at N416.67/$1 on Thursday, 17th February 2022 compared to N416.5/$1 recorded in the previous session. Meanwhile, forex turnover decreased marginally by 2.84% to $127.02 million compared to $130.73 million recorded on Wednesday.
Also, Naira closed lower at N575/$1 on Thursday at the parallel market compared to N570/$1 recorded in the previous trading session. This represents the highest rate at the parallel market since December 14, 2021. This is according to information obtained from BDC operators interviewed by Nairametrics.
The exchange rate at the Peer-to-Peer (P2P) forex market depreciated by 0.52% to trade at a minimum of N578.49 to a dollar on Friday morning compared to N575.5/$1 recorded on Thursday, 17th February 2022.
Also, Nigeria’s external reserve dropped further on Tuesday, 15th February 2022 to close at $39.78 billion representing a 0.05% decline compared to $39.79 billion recorded as of the previous day. The reserve continues despite the upward trend in the price of crude oil.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416.67/$1 on Thursday, 17th February 2022, representing a 0.04% depreciation compared to N416.5/$1 recorded in the previous trading session
Read: GNPC engages stakeholders ahead of Saltpond oil field decommissioning
- The opening indicative rate closed at N416/$11 on Thursday. This is 21 kobo higher than the N415.79/$1 recorded on Wednesday trading session.
- 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 decreased by 2.84% to $127.02 million on Thursday, 17th February 2022.
- According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window dropped marginally to $127.02 million on Thursday from $130.73 million recorded on Wednesday 16th February 2022.
Crypto market
The crypto market resumed on a slightly positive note, with the industry market capitalization recording a 0.16% gain to stand at $1.82 trillion as of press time (05:00am). Flagship crypto asset, bitcoin also gained marginally by 0.08% to trade at $40,587.2 on Friday morning.
On the other hand, second most capitalized crypto asset, Ethereum dipped by 0.51% to trade at $2,878.93 in the early hours of Friday, Solana gained 0.4% to trade at $93.995.
Meanwhile, Twitter reported that it has added Ethereum to its tipping feature following the bitcoin tips added earlier in September 2021. The move follows Twitter’s continued exploration of the Ethereum ecosystem. The company debuted non-fungible token (NFT) verification for paid “Twitter Blue” subscribers last month.
According to Coindesk, the Ethereum wallet support is available to all users who agree to the company’s tipping policy.
