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BREAKING: Naira Falls Massively At P2P FX Market, See New Exchange Rate

BREAKING: Naira Falls Massively At P2P FX Market, See New Exchange Rate

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2 years ago

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Naira has fallen massively at the P2P FX market with a new exchange rate emerging.

Newsone reports that the dollar to naira exchange rate between the Nigerian currency and the United States currency closed at N416.67/$1 at the official Investors and Exporters (I&E) window.

This online news platform understands that dollar to naira 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.

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Newsone recalls that the exchange rate had depreciated in the previous trading session by 0.12% from N416/$1.

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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.

The dollar to naira exchange rate at the parallel market, on the other hand, 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.
  • 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).
READ ALSO:   Naira closes flat at official market as forex liquidity plunges

Crypto market update

Bitcoin, the world’s most valuable crypto asset, 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.

Similarly, 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.

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Meanwhile, Newsone Nigeria reports that 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.

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READ ALSO:   Naira falls big to lowest level year-to-date at official market

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