Naira Crashes to N758/$1 at P2P, N742/$1 at Parallel Market
By Adedapo Adesanya
The Naira depreciated against the US Dollar in the Peer-2-Peer (P2P) and the parallel market but appreciated in the Investors and Exporters (I&E) window of the foreign exchange (FX) market on Thursday, May 11.
Business Post gathered that the Naira lost N6 against the greenback during the session to close at N758/$1 compared with the preceding day’s value of N752/$1.
Similarly, the domestic currency shrank against the Dollar in the black market yesterday by N1 to trade at N742/$1, in contrast to Wednesday’s exchange rate of N741/$1.
But in the I&E segment, the Nigerian currency appreciated against its American counterpart on Thursday by 29 Kobo or 0.06 per cent to quote at N462.73/$1 compared with the previous day’s N463.02/$1, amid sustained high demand for forex, as the transaction value remained at $178.68 million, according to the FMDQ Securities Exchange.
In the interbank segment of the market, the Naira fell against the Pound Sterling by 61 Kobo to close at N581.50/£1 versus its previous rate of N580.89/£1 while it appreciated against the Euro by 45 Kobo to settle at N504.96/€1 versus N505.41/€1.
In the cryptocurrency market, Bitcoin (BTC) dropped to the $26,000 region as markets continued to react to the latest US consumer price index. Inflation in the United States fell to 4.9 per cent in April, less than the 5 per cent sum many had expected.
BTC lost 3.2 per cent to sell at $26,609.31, Ethereum (ETH) went down by 3.5 per cent to $1,765.05, Solana (SOL) fell by 2.5 per cent to $20.13, Binance Coin (BNB) depreciated by 1.9 per cent to sell for $305.82, Litecoin (LTC) also slid by 1.9 per cent to trade at $79.01, Dogecoin (DOGE) made a 1.8 per cent depreciation to sell at $0.0714, and Cardano (ADA) went down by 1.3 per cent to $0.361.
However, Ripple (XRP) improved its value by 1.5 per cent to $0.4349, while the US Dollar Tether (USDT) and Binance USD (BUSD) remained unchanged at $1.00 each.