Business
Exchange rate remains stable at official window
The exchange rate between the naira and the US dollar closed at N416.25/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.
The exchange rate at the I&E window closed lower on Thursday at N416.25/$1, which represents a 0.06% decline compared to N416/$1 recorded in the previous trading session.
A total of $68.08 million in FX value was traded on Thursday, which is 22.95% lower than the $88.36 million that exchanged hands in the previous trading session. This brings the total FX turnover so far for the week to $436.7 million.
Similarly, the exchange rate at the parallel market closed flat on Thursday to close at N575/$1, same as recorded on Wednesday, 23rd February 2022.
The exchange rate at the Peer-to-Peer (P2P) forex market appreciated marginally by 0.17% to trade at N582/$1 in the early hours of Friday, 25th February 2022 as opposed to N583/$1 recorded in the previous trading session.
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The exchange rate at the Investors and Exporters window closed at N416.25/$1 on Thursday, 24th February 2022, which represents a 0.06% depreciation compared to N416/$ recorded in the previous month.
The opening indicative rate closed at N415.43/$1 on Thursday. This represents a 60 kobo appreciation compared to the N414.83/$1 recorded on Wednesday, 23rd February 2022.
An exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N416.25/$1, while it sold for as low as N410/$1 during intra-day trading,
Meanwhile, forex turnover at the official window dropped by 22.95% to $68.08 million on Thursday, 24th February 2022.
According to data from FMDQ, forex turnover at the I&E window dropped to $68.08 million on Thursday from $88.36 million recorded on Wednesday 23rd February 2022.
The crypto market made a rebound in the early hours of Friday, gaining $14.9 billion as of 5:30am to stand at $1.69 trillion from the downturn recorded on Thursday morning, following the report that Russia has started invading Ukraine.
Flagship crypto asset, bitcoin also recorded a 0.96% gain to trade at $38,742 while Ethereum gained 0.76% to trade at $2,616.65 on Friday morning. On the flip side, Solana dipped 0.62% to trade at $88.89 as of press time. Meanwhile, Terra gained by 2.49% to trade at $66.84
The market had moved bearish on Thursday morning after the announcement by the president of Russia, Vladimir Putin, ordering a special military operation in Ukraine’s eastern Donbas region. The announcement was soon followed by various explosions heard in the Ukrainian capital, Kyiv and the eastern port city of Mariupol in the early hours of Thursday.
The invasion of Ukraine by Russia rattled the global financial market as company stocks crashed across various sectors while causing a spike in crude oil prices. Meanwhile, the North Atlantic Treaty Organization (NATO) has called on Russia to cease its military action in Ukraine immediately.