Naira Crashes at P2P, I&E, Black Market as Bitcoin Remains Below $20,000

Image

By Adedapo Adesanya

It was not a good day for the domestic currency at the different segments of the foreign exchange (forex) market on Thursday as it depreciated against the United States Dollar.

At the Peer-to-Peer (P2P) window, the Naira lost N3 against the American currency to trade at N745/$1 in contrast to the previous day’s value of N742/$1.

Also, at the Investors and Exporters (I&E) segment of the FX market, the Nigerian currency depreciated against the greenback yesterday by N1.16 or 0.26 per cent to close at N441.83/$1 versus Wednesday’s exchange rate of N440.67/$1.

It was observed that the local currency suffered the loss amid a significant reduction in the value of forex trades in the market segment during the session.

Business Post reports that the value of transactions went down by 32.1 per cent or $30.59 million to $64.80 million from the previous day’s $95.39 million.

Also, in the black market, the value of the Naira shrank against the US currency on Thursday by N1 to 0.14 per cent to trade at N735/$1 compared with the N734/$1 it was sold a day earlier.

In the interbank window, the local currency depreciated against the Pound Sterling yesterday by N8.90 to sell for N491.35/£1 in contrast to the preceding day’s N482.45/£1 and on the Euro, the domestic currency lost N1.59 to close at N424.89/€1 versus N423.30/€1.

As for the digital currency market, the bulls returned on Thursday and raised the price of Ripple (XRP) by 5.8 per cent to $0.4996.

Solana (SOL) recorded a 3.9 per cent jump to trade at $31.81, Bitcoin (BTC) rose by 3.8 per cent to $19,812.52, Cardano (ADA) gained 3.6 per cent to quote at $0.4996, Ethereum (ETH) saw a 3.3 per cent appreciation to trade at $1,327.32, Dogecoin (DOGE) went up 2.8 per cent to $0.0605, Binance Coin (BNB) rose by 2.1 per cent to $274.84, and Litecoin (LTC) grew by 0.6 per cent to $52.20, while Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at $1.00 each.

Share
Related Stories
Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
01-March-2024

How to Protect Your Crypto From Scams, Hacks

In 2023, it is estimated around $2 billion was lost by investors to scams, rug pulls and hacks. Although the technology is becoming more secure and stable and many users are more aware of the tricks used to steal assets, there are still ways for thieves to extract your crypto if you aren’t careful.   Experts at Smart Betting Guide have provided a guide on the best ways to keep your crypto safe in 2024.  1. Do not store your password and seed phrase on the Cloud   For many people, the best and most convenient way to access crypto is through

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

More Stories
Image
21-May-2020

FG to Jail Sellers of Fertilizer Above N5,000

By Adedapo Adesanya The federal government has warned those selling fertilizers above the N5,000 approved price to desist from such or risk going to jail if arrested by security operatives. Chairman of the Presidential Task Force on Fertilizer Initiative, Mr Muhammad Badaru, who is also the Goveror of Jigawa State, made this disclosure while briefing newsmen on Presidential Fertilizer Initiative (PFI) efforts to make fertilizer available and affordable to farmers. The federal government had reviewed and reduced the cost of bag of fertilizer from N5,500 to N5,000 to support farmers and cushion the effect of COVID-19 pandemic on agriculture, in

Image
11-May-2021

NDLEA Reshuffles Directorate to Strengthen Operations

By Adedapo Adesanya The National Drug Law Enforcement Agency (NDLEA ) has reshuffled some of its directors and created a new directorate to enhance efficiency and strengthen its operations. This was disclosed in a statement from the Director, Media and Advocacy, NDLEA, Mr Femi Babafemi, on Tuesday. He said that the reshuffling exercise was announced by the NDLEA’s Chief Executive Officer (CEO), Mr Buba Marwa, at a meeting with directors at the agency’s headquarters in the national capital on Monday. The statement quoted Mr Marwa as saying that the new movement was to propel the agency to greater achievements. “In

Image
25-March-2019

GTBank Wins 8 of 12 Banking Honours at CBN E-Payments Awards

By Modupe Gbadeyanka Guaranty Trust Bank (GTBank) Plc maintained its dominance of Nigeria’s most qualitative digital financial service awards for the fourth year in a row, winning eight of the 12 honours available to banks in the 2019 edition of the Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS) Efficiency Awards. The foremost African financial institution, renowned for its innovative products and services, won awards for efficiency and excellent service delivery in virtually every E-payment channel. The CBN EPIS Efficiency Awards is organized to celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment

Image
20-October-2022

FG Orders MTN, Airtel, Others to Reverse 10% Price Hike

By Adedapo Adesanya The federal government has ordered telecommunication companies to reverse their recent 10 per cent hike in calls and data prices. This decision means that telcos like MTN Nigeria and Airtel, who had initially increased the prices of their data bundles by about 10 per cent, will now need to revert to their old prices. This was revealed by the Nigerian Communications Commission in a statement on Wednesday. The commission said the initial consideration for 10 per cent approval for tariff adjustments for different voice and data packages was in line with the mandates of the agency as

Image
29-July-2020

Airtel Nigeria Slashes Data Prices for Online Education by 50%

By Modupe Gbadeyanka One of the GSM network providers in the country, Airtel Nigeria, said it has now heavily subsidised data and mobile Internet for all Nigerian schools and students using the Dynamiss Learning Management Systems. This was as a result of the partnership between Airtel Nigeria and Dynamiss, an educational technology company in the country. Airtel Nigeria is one firm that is committed to accelerating and deepening the growth of online education in Nigeria. Schools have been remained shut in the country as a result of the COVID-19 pandemic and online learning has been the new normal among students.

Image
01-September-2023

Seplat, GTCO, Others Rebound NGX Index by 0.16%

By Dipo Olowookere Trading activities on the floor of the Nigerian Exchange (NGX) Limited were bullish on Thursday as bargain-hunting dominated the landscape. Investors renewed their confidence in Nigerian stocks during the session, leading to a last-minute rebound by 0.16 per cent. This was because, at midday, it was looking like the stock exchange would extend its loss for another trading session until the demand for Seplat, GTCO and other equities brought back the bulls. Consequently, the All-Share Index (ASI) moved up by 109.46 points to 66,548.99 points from 66,439.53 points, as the market capitalisation grew by N60 billion to

Image
09-November-2021

NCC Warns Nigerians About New Smartphone Attacking Virus

By Adedapo Adesanya The Nigerian Communications Commission (NCC) has alerted telecom consumers and the general public that a new Android malware named ‘AbstractEmu’, had been discovered. NCC said the malware can gain access to smartphones, take complete control of infected smartphones and silently modify device settings while simultaneously taking steps to evade detection. This discovery was announced recently by the Nigerian Computer Emergency Response Team (ngCERT), the national agency established by the Federal Government to manage the risks of cyber threats in Nigeria, which also coordinates incident response and mitigation strategies to proactively prevent cyber-attacks against Nigeria. “AbstractEmu has been

Image
05-April-2019

Nigeria’s Debt Rises to N24.4trn from N21.7trn in 12 Months

By Modupe Gbadeyanka The Debt Management Office (DMO) said the total debt profile of Nigeria rose to N24.4 trillion in December 2018 from N21.7 trillion in 2017, indicating a 12.25 percent rise in 12 months. Director General of DMO, Ms Patience Oniha, while addressing the media on Thursday in Abuja disclosed that the funds were borrowed to fund projects, to finance budget deficit and to refinance maturing obligations, adding that some foreign debts were used to refinance treasury bills because of the short tenor of the bills. The debt office chief noted that borrowing from abroad had also helped to

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods