BREAKING: Naira Starts March 2022 With Massive Fall As FX Demand Surges

According to iexclusivenews, the dollar to naira exchange rate on the parallel market, often known as the black market, fell on Monday, closing at N580/$1, down 1.22 percent from $573/$1 in the previous trading session.

It opened the market at the same rate on Tuesday morning, March 1, 2022.

This is based to information gathered by iexclusiveNews Nigeria from BDC operators.

On Monday, February 28, 2022, the dollar to naira exchange rate between the Nigerian currency naira and the US dollar at the official Investors and Exporters (I&E) window closed at N416.67/$1.

According to this online news outlet, the dollar to naira exchange rate in the I&E window depreciated somewhat on Monday, closing at N416.67/$1, a 0.16 percent decrease from the previous trading session’s N416/$1.

Please note that the exchange rate fluctuates hourly, depending on the amount of dollars available and the Demands. What this signifies is… At $580, you can purchase or sell one dollar, and the price can swing dramatically (high or low) within hours.

According to iexclusivenews, FX turnover on the official market fell 40.23 percent to $80.32 million on Monday, down from $134.39 million the previous week. Remember that in the previous week, the market transacted for a total of $571.1 million.

In the early hours of Tuesday, 1st March 2022, the dollar to naira exchange rate on the Peer-to-Peer (P2P) FX market rose by 1.276 percent to trade at N572.6/$1 compared to N580/$1 on Monday morning.

Trading At The Nafex Official Window

On Monday, February 28th, 2022, the dollar to naira exchange rate at the Investors and Exporters window ended at N416.67/$1, a 0.16 percent decrease from the previous month’s rate of N416/$1.

On Monday, the opening indicative rate closed at N415.67/$1, a 32 kobo depreciation from the N415.35/$1 recorded on Friday, February 25, 2022.

Over intra-day trade, the highest rate recorded was N444/$1 before it ended at N416.67/$1, while it sold for as low as N410/$1 during the same period.

However iexclusivenews reports that on Monday, February 28th, 2022, currency turnover at the official window fell by 40.23 percent to $80.32 million.

Forex turnover at the I&E window decreased from $134.39 million on Friday, February 25, 2022 to $80.32 million on Monday, according to data analyzed by Nairametrics from FMDQ.

Crypto market

In the early hours of Tuesday morning, the crypto market began on a strong note, with the industry market capitalization rising 0.39 percent to $1.882 trillion.

Similarly, after a big drop in the two previous trading sessions, the flagship crypto currency recovered 0.79 percent to trade at $43,532.76 at the same time.

On Tuesday morning, Ethereum rose 0.14 percent to trade at $2,927, while Solana lost 2.62 percent to retail at $97.1125, Terra lost 2.6 percent to trade at $89.0349, and Uniswap lost 1.23 percent to trade at $10.4.

iexclusivenews reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, also known as the black market, despite the fact that the dollar to naira opened in the parallel market at 580 for $1 today.

As a result, anyone in need of currency should contact their bank, with the I&E window being the sole known exchange, according to the apex bank.

The official NAFEX rates can be seen on the FMDQOTC’s website. Various sources, including internet media outlets, are used to get parallel market (black market) pricing. The rates at which you purchase or sell FX may differ from those described in this article.