Naira Crumbles to N810/$1 at P2P, N800/$1 at Parallel Market, N446.67/$1 at I&E

By Adedapo Adesanya

The value of the Naira against the United States Dollar depreciated at the Peer-2-Peer (P2P), parallel market, and the Investors and Exporters (I&E) segments of the foreign exchange (forex) market on Tuesday, November 15.

According to data obtained by Business Post, the Nigerian Naira lost N5 against the greenback in the P2P window yesterday to quote at N810/$1 compared with the N805/$1 it was exchanged on Monday.

Also, in the black market, the local currency declined against the American currency by N45 to trade at N800/$1, in contrast to the preceding day’s rate of N755/$1.

In the same vein, the domestic currency lost 67 Kobo or 0.15 per cent against the Dollar in the official FX market on Tuesday to close at N446.67/$1 compared with the previous trading day’s value of N446/$1.

According to data from the FMDQ Securities Exchange, the value of forex transactions increased yesterday by 32.9 per cent or $21.1 million to $84.89 million from the $63.83 million recorded in the preceding session.

In the interbank window of the market, the Naira depreciated against the British Pound Sterling during the session by 38 Kobo to settle at N520.28/£1, in contrast to the earlier day’s value of N519.90/£1, and against the Euro, the local currency appreciated by 16 Kobo to end at N454.62/€1 versus the N454.78/€1 it was sold on Monday.

Meanwhile, in the crypto market, the majority of the digital currencies tracked by this newspaper were bullish, with Ripple (XRP) gaining 3.4 per cent to trade at $0.386.

Litecoin (LTC) went up by 2.6 per cent to $59.45, Solana (SOL) grew by 2.4 per cent to sell at $14.43, Cardano (ADA) added 1.9 per cent to close at $0.3414, Dogecoin (DOGE) saw a 0.8 per cent jump to trade $0.0874, Bitcoin (BTC) added 0.7 per cent to settle at $16,893.84, Binance Coin (BNB) rose by 0.1 per cent to $279.69, and the US Dollar Tether (USDT) expanded by 0.03 per cent to $0.9992.

However, the value of Ethereum (ETH) went down by 0.2 per cent to $1,256.36, while Binance USD (BUSD) remained unchanged at $1.00.