Naira at P2P FX Market Falls to N575/$1

By Adedapo Adesanya

The value of the Naira to the Dollar at the Peer-2-Peer (P2P) segment of the foreign exchange (forex) market on Friday went down by N2 to close the day at N575/$1 as against N573/$1 it traded on Thursday.

The Nigerian currency suffered the decline against the greenback yesterday after maintaining stability for the past few previous trading sessions.

However, at the Investors and Exporters (I&E) window of the FX market, the Naira appreciated by 25 kobo or 0.06 per cent against the American currency on Friday to settle at N416.00/$1 in contrast to N416.25/$1 it closed a day earlier.

The local currency closed stronger yesterday despite witnessing an increase in the value of trades as the turnover was $134.39 million, 97.4 per cent or $66.31 million higher than the $68.08 million achieved the day before.

At the spot market, the domestic currency appreciated by 41 kobo against the Pound Sterling to sell for N557.59/£1 in contrast to N558/£1 of the previous session.

But the Naira lost 94 kobo against the Euro at the same market window to settle at N465.96/€1 compared with N465.02/€1 it was transacted on Thursday.

As for the digital currency market, the bears maintained a grip on the landscape, causing more tokens to close in the red territory, with Solana (SOL) losing 0.5 per cent to sell at N54,305.53.

Cardano (ADA) also made a 0.5 per cent loss to trade at N536.76, Dogecoin (DOGE) depreciated by 0.5 per cent to sell at N75.54, Litecoin (LTC) slumped by 0.4 per cent to trade at N65,684.27, Ripple (XRP) fell by 0.4 per cent to trade at N452.89, Bitcoin (BTC) went down by 0.3 per cent to quote at N21,950,000, Ethereum (ETH) dropped 0.3 per cent to sell at N1,648,272.46, while Binance Coin (BNB) declined by 0.2 per cent settle at N156,337.16.

On the gainers’ angle, Dash (DASH) appreciated by 0.3 per cent to trade at N53,844.02, while the US Dollar Tether (USDT) added 0.2 per cent to sell for N582.90.