Naira Falls at Official Market, Black Market, Peer-to-Peer

By Adedapo Adesanya

The Naira had a bad day against the Dollar in the different segments of the foreign exchange (FX) market on Tuesday, December 12, amid a shrinking supply of forex into the market as festive activities are gradually picking up.

In the Peer-to-Peer (P2P) section, the Nigerian currency shed N5 against the US Dollar to trade at N1,223/$1 compared with the preceding day’s value of N1,218/$1.

Also, in the parallel market window, the domestic currency depreciated against the American currency by N40 during the trading session to sell at N1,250/$1, in contrast to the previous trading session’s N1,210/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira weakened against the greenback yesterday by 0.09 per cent or 74 Kobo to close at N865.03/$1 compared with Monday’s N864.29/$1.

Data from the FMDQ Securities Exchange showed that the value of forex transactions recorded yesterday stood at $99.09 million, 25.2 per cent or $33.37 million lower than the $132.46 million.

However, in the official market, the local currency closed flat against the British Pound Sterling and the Euro during the trading day at N1,269.34/£1 and N1,088.59/€1, respectively.

Meanwhile, in the cryptocurrency market, network activity, an increase in DeFi TVL, and other factors point are helping Cardano (ADA) continue on its current bull run as it rose 9.8 per cent to trade at $0.5977.

The last time Cardano went on this continued price gain, its blockchain network was still behind on smart contract functionality. However, the network has changed since then, with Cardano now one of the fastest-growing blockchains in terms of smart contracts.

Further, Binance Coin (BNB) recorded a 4.8 per cent rise to sell at $253.12, Solana (SOL) jumped by 3.9 per cent to $70.03, Ripple (XRP) appreciated by 0.6 per cent to $0.6222, Litecoin (LTC) grew by 0.3 per cent to quote at $72.70, Dogecoin (DOGE) increased by 0.2 per cent to $0.0962, and Ethereum (ETH) went up by 0.02 per cent to $2,219.06, while Bitcoin (BTC) depreciated by 0.2 per cent to $41,734.50, with the United States Tether (USDT) and US Dollar Coin (USDC) remaining unchanged at $1.00 apiece.