Again, Naira Drops at Peer-2-Peer FX Market

By Adedapo Adesanya

The Naira depreciated against the United States currency for the third consecutive session at the Peer-2-Peer (P2P) segment of the foreign exchange (forex) market as it traded at N579 per Dollar on Tuesday, March 15.

This indicated a N1 loss compared to N578 per Dollar it was exchanged at the preceding session.

Meanwhile, at the Investors and Exporters (I&E) segment, the Nigerian currency further closed flat against the greenback yesterday at N416.50/$1 and against the British Pound Sterling, the Naira depreciated by N1.04 to sell for N543.72/£1 in contrast to N542.68/£1 it was sold on Monday, while against the Euro, the local currency lost N2.05 to settle at N457.85/€1 compared with the preceding session’s value of N455.80/€1.

A look at the digital currency market showed that on Tuesday, investors had reasons to smile at the close of transactions for the session as nine of the 10 tokens tracked by Business Post were pointing north.

Solana (SOL) recorded a 5.4 per cent increase to sell at N50,307.60, Litecoin (LTC) rose by 4.5 per cent to trade at N63,314.81, Ethereum (ETH) saw its value go up by 3.7 per cent to sell at N1,585,205.22, and Dash (DASH) moved up by 1.8 per cent to sell for N56,228.44.

In addition, Bitcoin (BTC) saw a 1.7 per cent appreciation as it sold for N23,889,352, Binance Coin (BNB) recorded a 1.6 per cent gain to trade at N154,584.11, Cardano (ADA) increased its value by 1.4 per cent to sell at N484.65, Dogecoin (DOGE) saw a 0.5 per cent climb to trade N67.92, while Ripple (XRP) appreciated by 0.5 per cent to N462.75.

However, the US Dollar Tether (USDT) moved downwards by 0.4 per cent yesterday to sell for N592.95.