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BREAKING: Naira Crashes Massively At I&E Window, See New Exchange Rate

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Naira has crashed massively at I&E Window, See New Exchange Rate below.

Newsonline reports that the exchange rate between the naira and the US dollar closed at N419.5/$1 at the official Investors and Exporters (I&E) window.

 

This online newspaper understands that the naira fell further to its lowest level since 4th January 2022, depreciating by 0.28% on Thursday to close at N419.5/$1 compared to N418.33/$1 recorded in the previous trading session. This represents the second consecutive daily decline in the local currency against the US dollar at the official window.

The downturn in the market is following the drop in the amount of dollar supply in the market. Notably, forex turnover on Thursday dropped by 17.36% compared to the previous day to stand at $124.85 million, the lowest in the four trad ing sessions.

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Crypto market update

The crypto market closed in the negative territory on Thursday, with the industry losing 1.83% as of 11:18pm, Nigerian time on stand at $1.846 trillion, despite starting the day on a positive note.

Crypto flagship asset and the most capitalized cryptocurrency, bitcoin dipped 1.44%to trade at $40,778 as of press time, while Ethereum declined by 2.27% to trade at $3,007.22.

In the same vein, Solana dipped 3.59% to trade at $101.81, the price of Uniswap declined by 4.08% to trade at $8.94, while Terra with a decline of 4.09% traded at $90.92.

However, it is worth noting that the crypto market started trading activities on Friday on a positive note as the industry market capitalization gained 0.84% to stand at $1.851 trillion as of the early hours of Friday morning.

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