It is yes..
However that was not the question.
Try pressing the trip computer button while turning the key to the acc position, just to check if the needle is okay, the car will start to beep at you and all the needles will start moving, make sure the speedo is jumping up/down in steady increments (of 20mph IIRC)
Failing that then you have a fault speed sensor or possibly even ecu as I think the speed sensor runs through the ecu hence your stereo having the speed setting wherby the volume would go up and down.
Basically if you have a warranty still get it in and checked by Renault.