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Naira falls massively as FX turnover drops to 3-month low

Naira falls massively as FX turnover drops to 3-month low

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The exchange rate between the naira and the US dollar closed at N416.75/$1 at the official Investors and Exporters (I&E) window, falling lower compared to N416.67/$1 recorded in the previous trading session.

The exchange rate depreciated further by 0.02% to close at N416.75/$1 on Friday, 18th February 2022 compared to N416.67/$1 recorded in the previous session. This represents the lowest level recorded at the official FX market since 4th January 2022.

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In the same vein, forex turnover fell to its lowest level in over 3 months, since the 16th of November 2021 to $64.03 million, representing a 49.59% decline compared to $127.02 million recorded in the previous trading session.

On the other hand, Naira closed flat at N575/$1 on Friday at the parallel market, having fallen from N570/$1 in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.

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The exchange rate at the Peer-to-Peer (P2P) forex market depreciated by 0.43% to trade at a minimum of N581 to a dollar on Monday morning compared to N578.49/$1 recorded on Friday, 18th February 2022.

Trading at the official NAFEX window

The exchange rate at the Investors and Exporters window closed at N416.75/$1 on Friday, 18th February 2022, representing a 0.02% depreciation compared to N416.67/$1 recorded in the previous trading session.

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  • It is worth noting that the exchange rate depreciated continuously for the past three trading sessions.
  • The opening indicative rate closed at N415.85/$11 on Friday. This represents a 15 kobo appreciation as opposed to the N416/$1 recorded on Thursday, 17th February 2022.
  • An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.75/$1, while it sold for as low as N410/$1 during intra-day trading,
  • Meanwhile, forex turnover at the official window decreased by 49.59% to $64.03 million on Friday, 18th February 2022.
  • According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window dropped to $64.03 million on Friday from $127.02 million recorded on Thursday 17th February 2022.
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Crypto market

The crypto market started the day on a positive note with a 2.85% gain in the industry’s market capitalization to stand at $1.75 trillion in the early hours of Monday, following a significant downturn on Sunday, where investors lost over $78 billion in a single day’s trade.

Crypto flagship asset, bitcoin also appreciated by 2.36% to trade at $39,279, having declined by 4.26% to close at $38,400 on Sunday. Similarly, Ethereum also recorded an early appreciation of 4.4% to trade at $2,738 as of 6:30am on Monday. The second most capitalized crypto asset had dipped 5.09% on Sunday to close at $2,623.81.

Meanwhile, the price of Solana appreciated by 3.67% to trade at $64.03, Terra recorded a gain of 4.22% to trade at $51.398, while Uniswap appreciated by 3.42% to trade at $9.68.

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