Domestic Currency Slides to N610/$1 at Peer-to-Peer

June 9, 2022
Peer-to-Peer lending

By Adedapo Adesanya

On Wednesday, the domestic currency depreciated at the Peer-to-Peer (P2P) segment of the foreign exchange (forex) market by N2 against the United States Dollar on Wednesday.

During the session, the indigenous currency was exchanged with the greenback at N610/$1 compared with the preceding session’s N608/$1.

However, at the Investors and Exporters (I&E) window, the local currency appreciated against the US dollar by 0.12 per cent or 50 kobo to trade at N420.25/$1 compared with the N420.75/$1 it traded the previous day.

A decline in the FX turnover for the session supported the strengthening of the Naira as trades worth $82.6 million were carried out in contrast to the $113.12 million carried out on Tuesday, indicating a slide of $30.52 million or 26.9 per cent.

Also, at the interbank market segment, the domestic currency appreciated against the Pound Sterling yesterday by N1 to trade at N521.53/£1 compared to the previously traded rate of N522.53/£1 and in the same vein, it gained 42 kobo on the Euro to settle at N446.39/€1 compared with the previous day’s exchange rate of N445.97/€1.

Meanwhile, in the cryptocurrency market, TerraClassicUSD (USTC) maintained its steep fall as it further depreciated by 6.9 per cent to close at $0.0115, Litecoin (LTC) lost 2.1 per cent to trade at $61.48, Bitcoin (BTC) declined by 0.1 per cent to settle at $30,262.05, while the US Dollar Tether (USDT) went down by 0.01 per cent to trade at $0.9993.

However, Solana (SOL) appreciated during the day by 0.7 per cent to close at $39.13, Ripple (XRP) recorded a 0.7 per cent rise to trade at $0.4011, the value of Ethereum (ETH) climbed higher by 0.6 per cent to sell at $1,797.69, Binance Coin (BNB) posted a 0.3 per cent increase to trade at $288.09, Cardano (ADA) improved by 0.2 per cent to quote at $0.6416 just as Dogecoin (DOGE) also added 0.2 per cent to trade at $0.0799.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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