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

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.