Naira Crumbles to N1030 at Black Market, N1,028/$1 at P2P, N776.80/$1 at

By Adedapo Adesanya

The Nigerian Naira weakened on the American Dollar in the Investors and Exporters (I&E), the black market, and the Peer-to-Peer (P2P) windows of the foreign exchange (FX) market on Wednesday, October 11.

In the I&E segment of the market, the Naira lost N10.97 or 1.4 per cent against the US Dollar yesterday to quote at N776.80/$1, in contrast to the preceding day’s rate of N765.83/$1.

The scarcity of forex in the spot market during the session badly affected the local currency as the value of transactions went down by 51.81 per cent or $31.24 million to $29.06 million from the $60.30 million quoted on Tuesday.

In the parallel market arm, the value of the Naira depreciated against the Dollar in the midweek session by N15 to quote at N1,030/$1 compared with the previous day’s rate of N1,015/$1.

It was not different in the P2P section, where the domestic currency weakened against the greenback yesterday by N10 to sell for N1,028/$1 versus the previous day’s value of N1,018/$1.

In the interbank market, the Naira depreciated against the Pound Sterling on Wednesday by N14.27 to trade at N947.61/£1 compared with the preceding session’s N933.34/£1 and against the Euro, it lost N11.03 to finish at N817.24/€1 versus N806.21/€1.

In the cryptocurrency market, Bitcoin (BTC) moved back below $27,000 after the September producer price index rose 0.5 per cent for the month versus expectations for a 0.3 per cent increase. This shows that the inflation pressures are unlikely to ease in a hurry for the United States economy. The crypto fell by 0.7 per cent to $26,901.92.

Litecoin (LTC) went down by 2.2 per cent to $61.36, Solana (SOL) dropped 1.4 per cent to sell at $21.81, Dogecoin (DOGE) declined by 0.9 per cent to $0.0585, Ripple (XRP) slumped by 0.4 per cent to $0.4833, and the US Dollar Tether (USDT) slid by 0.04 per cent to $0.9997.

However, Ethereum (ETH) went up by 0.7 per cent to sell at $1,565.18, Cardano (ADA) grew by 0.3 per cent to trade at $0.0585, and Binance Coin (BNB) expanded by 0.1 per cent to $206.08, while Binance USD (BUSD) closed flat at $1.00.