Cannot delete exchange rate category &1

What causes this issue?

You want to delete exchange rate category &V1& . However, this is not
possible because it was defined as an alternative exchange rate
category.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

First delete the exchange rate category &V1& as an alternative exchange
rate category.

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.