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

October 14, 2022
Bitcoin Naira

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.

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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