Friday, 25th February 2022: The exchange rate between the naira and the US dollar closed at N416/$1 at the official Investors and Exporters (I&E) window.
The exchange rate at the I&E window appreciated marginally on Friday at N416/$1, which represents a 0.06% gain compared to N416.25/$1 recorded in the previous trading session.
A total of $134.39 million in FX value was traded on Friday, which is 97.4% higher than the $68.08 million that exchanged hands in the previous trading session. This brings the total FX turnover in the week to $571.1 million, which is higher than the $493.7 million recorded in the previous week.
Read: Naira vs Dollar: There was a currency…
The exchange rate at the parallel market appreciated on Friday to close at N573/$1, representing a 0.35% gain compared to $575/$1 recorded in the previous trading session. This is according to information obtained from BDC operators interviewed by Nairametrics.
Also, the exchange rate at the Peer-to-Peer (P2P) forex market appreciated by 0.34% to trade at N580/$1 in the early hours of Monday, 28th February 2022 compared to N582/$1 recorded in the previous trading session.
Trading at the official NAFEX window
The exchange rate at the Investors and Exporters window closed at N416/$1 on Friday, 25th February 2022, which represents a 0.06% appreciation compared to N416/$1 recorded in the previous month.
The opening indicative rate closed at N415.35/$1 on Friday, representing an 8 kobo appreciation compared to the N415.43/$1 recorded on Thursday, 24th February 2022.
Read: Why it is risky to convert your naira to dollars or USD(T)
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416/$1, while it sold for as low as N405/$1 during intra-day trading,
Meanwhile, forex turnover at the official window surged by 97.4% to $134.39 million on Friday, 25th February 2022.
According to data tracked by Nairametrics from FMDQ, forex turnover at the I&E window increased from $68.08 million recorded on Thursday, 24th February 2022 to $134.39 million on Friday.
Read: IMF: Naira has fallen against the dollar by 10.6% annually since 1973
Crypto market
Flagship crypto asset and most capitalised cryptocurrency, Bitcoin slumped by 3.7% on Sunday, 27th February 2022 to trade at $37.698.27 as of 23:28 (West African Time). The crash in most of the crypto assets on Sunday resulted in a loss of $71.6 billion in the industry’s market capitalization.
Notably, the market capitalization of the crypto market declined by 4.08% to stand at $1.68 trillion. Following in the same direction, Ethereum dipped 5.62% to trade at $2,624.37, while Solana recorded a downturn of 5.58% to trade at $85.25.
Terra followed suit with a decline of 5.47% to trade at $73.866, while Uniswap gained 7.84% to trade at $9.77.
Meanwhile, following the invasion on Ukraine by Russia, the Ukrainian government have received a sum of $17.2 million in crypto donations in order to repel the Russian invasion. According to Elliptic, a blockchain data analytics firm, The Ukrainian government and NGOs providing support to the military have raised $17.2 million through thousands of cryptocurrency donations since the start of the invasion.
