Naira Crashes at Spot Market, Parallel Market, P2P

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By Adedapo Adesanya

The Naira had a bad outing against the United States Dollar at the various segments of the foreign exchange (forex) market on Thursday, as the new policy of the Central Bank of Nigeria (CBN) is gradually having a negative effect on the ecosystem.

Business Post reports that the value of the Nigerian currency paired with its American currency depreciated yesterday at the parallel market, the Peer-to-Peer (P2P), and the Investors and Exporters (I&E) windows.

In the P2P forex window, the value of the Nigerian currency slid against the greenback by N10 to trade at N761/$1 compared with the midweek session’s rate of N751/$1.

Also, in the black market, the domestic currency crumbled against the US Dollar by N13 to settle at N740/$1, in contrast to the previous day’s value of N727/$1.

In the same vein, the Naira declined against the Dollar by 17 Kobo or 0.04 per cent in the spot market to quote at N446.00/$1 compared with Wednesday’s N445.83/$1.

In the I&E segment, there was a significant increase in the FX trades by 80.9 per cent or $103.42 million to $231.20 million from the preceding day’s $127.78 million.

However, in the interbank segment, the Naira appreciated against the Pound Sterling by N3.52 to trade at N541.16/£1, in contrast to Wednesday’s N544.68/£1, and against the Euro, it gained N1.25 to quote at N467.43/€1 versus the previous day’s N468.68/€1.

In a related development, the cryptocurrency market was majorly in green territory on Thursday as investors returned to the safe haven following ease to recent pressures about the future of the crypto industry.

Ethereum (ETH) saw its value go up by 4.3 per cent to $1,280.77, Litecoin (LTC) gained 3.7 per cent to trade at $77.86, Solana (SOL) appreciated by 2.7 per cent to $13.67, and Dogecoin (DOGE) improved by 2.6 per cent to $0.0983.

Further, Bitcoin (BTC) jumped by 2.5 per cent to sell at $17,220.53, Binance Coin (BNB) recorded a 2.4 per cent appreciation to trade at $290.17, Cardano (ADA) recorded a 1.6 per cent increase to sell at $0.3139, and Ripple (XRP) grew by 1.1 per cent to $0.3916.

However, Binance USD (BUSD) and the US Dollar Tether (USDT) closed flat at $1.00 each.

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