Fri. Nov 22nd, 2024

Naira Crashes to N750 at Peer-to-Peer, N742/$1 at Black Market

materials to print more Naira notes

By Adedapo Adesanya

The Naira depreciated against the Dollar in two of the three major windows of the foreign exchange (forex) market on Thursday as the country finds a solution to the lingering FX crisis.

Data obtained by Business Post from the market indicated that the Naira lost N2 against the American currency in the Peer-to-Peer (P2P) arm to settle at N750/$1, in contrast to the N748/$1 it was exchanged a day earlier.

Similarly, the Nigerian currency crashed by N4 against the US Dollar yesterday in the black market to trade at N742/$1 compared with Wednesday’s closing price of N738/$1.

However, in the official market, the Naira appreciated against the American Dollar on Thursday by 84 Kobo or 0.18 per cent to trade at N462.83/$1 compared with the previous trading session’s N463.67/$1, as the value of forex transactions increased by 54.2 per cent to $46.14 million to $131.33 million from $85.19 million.

Also, the local currency appreciated against the Pound Sterling at the interbank segment of the forex yesterday by N1.11 to quote at N571.92/£1 versus N573.03/£1, while against the Euro, the Naira depleted by 70 Kobo to quote at N503.57/€1 versus N502.87/€1.

Meanwhile, in the digital currency market, it was the turn of the bulls to take control, with Ethereum (ETH) expanding by 10.3 per cent to trade at $2,117.55 following the Shapella upgrade this week.

Bitcoin (BTC) went up by 2.3 per cent to quote at $30,798.52, Dogecoin (DOGE) appreciated by 8.9 per cent to sell at $0.0907, Cardano (ADA) increased its value by 8.8 per cent during the session to trade at $0.4424, Ripple (XRP) rose by 6.5 per cent to finish at $0.54, Litecoin (LTC) expanded by 6.3 per cent to sell for $98.33, Solana (SOL) recorded a 5.3 per cent jump to trade at $25.29, and Binance Coin (BNB) climbed higher by 5.0 per cent to settle at $334.99.

For another trading session, the US Dollar Tether (USDT) and Binance USD (BUSD) closed flat at $1.00 each.

By 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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