Naira has crashed massively at the official investors’ and exporters’ window.
Eko Hot Blog reports that 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 at the I&E window depreciated marginally on Thursday, 17th March 2022 by 0.04% to close at N416.67 compared to N416.5/$1 recorded in the last four trading sessions.
However, the exchange rate at the parallel market closed flat on Thursday at N578/$1, the same as recorded in the previous trading. This is according to information obtained from BDC operators interviewed by Nairametrics.
- The opening indicative rate closed at N416.08/$1 on Thursday, representing a 11 kobo appreciation compared to the N416.19/$1 recorded on Wednesday, 16th 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).
Crypto market update
The cryptocurrency market started the day on a bearish note, declining by 0.68% on Friday morning to stand at $1.78 trillion. The movement in the market is largely driven by the bearish trade recorded in Bitcoin.
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