Currency exchange rate weakens in FX markets as demand rises

Friday, March 4, 2022 ፡ The exchange rate between Nara and Dollar closed at N416.67 / $ 1 in the official I&E window.

The exchange rate in the I&E window fell to N416.67 / $ 1 on Friday, a 0.04% decrease compared to the previous trading volume of N416.5 / $ 1. The exchange rate in the official market decreased by 17.89 percent to $ 115.26 million.

Meanwhile, the exchange rate fell 0.35%, to N580 / $ 1 from N578 to the dollar on Thursday, March 3, 2022.

Similarly, the exchange rate of the Peer-to-Peer (P2P) forex market fell 0.77% by at least N578.4 / $ 1 compared to N574 / $ 1 on Friday, March 4, 2022. Registered Thursday morning. Meanwhile, the exchange rate in the P2P market rose to N576 when trading closed on Friday.

The appreciation of the Naira against the US dollar is reflected in the volatility of the FX in unofficial markets.

Transaction in the official NAFEX window

The exchange rate in the investors’ and export window closed at N416.67 / $ 1 on Friday, March 4, 2022, down from 0.04% to N416.5 on Thursday.

  • The opening indicator closed at N415.7 / $ 1 on Friday, representing 27 kobo appreciation on Thursday, March 3, 2022 compared to N415.97 / $ 1.
  • The N444 / $ 1 exchange rate is the highest recorded before trading at N416.67 / $ 1 and trades up to N410 / $ 1 during the day.
  • Meanwhile, forex exchanges fell by at least 17.89% to $ 115.26 million on Friday, March 4, 2022.
  • According to data from FMDQ’s Nairametrics, forex exchanges in the I&E window fell from $ 140.38 million on Thursday, March 3, 2022 to $ 115.26 million on Friday.
  • Compared to last week’s exchange rate of $ 571.08 = $ 9 million, $ 548.71 million was traded in the weekly window.

Crypto Market

As the industry traded at $ 139.82 billion in a single day, the crypto market hit its nostrils on Friday. As a result, crypto market capitalization decreased by 7.62% to $ 1.697 trillion on Friday at 23 p.m.

The depressive activity in the market was partially offset by $ 38,775.29, an 8.75% decrease in bitcoin prices, and the second most capitalized crypto-currency traded at $ 2,591.97, an 8.56% decrease. Similarly, Solana traded down 8.3% to trade at $ 87,665.

Similarly, Terra fell 6.36 percent on Friday to $ 84.7569, while UNICEF traded down 8.8 percent to $ 8.72.

Meanwhile, Ukrainian Deputy Prime Minister Mikhail Fedorov announced on his Twitter account that the country had decided to cancel the crypto donor airwaves and instead raise more money through the sale of non-fungal tokens (NFTs).

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