Naira Crumbles to N763.17/$1 at I&E, N785/$1 at P2P

June 22, 2023
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By Adedapo Adesanya

The Nigerian Naira weakened on the American Dollar across the various segments of the foreign exchange (FX) market; Investors and Exporters (I&E), black market, and the Peer-2-Peer (P2P) windows, on Wednesday, June 21.

In the I&E segment, the Naira crumbled by N6.56 or 0.87 per cent to settle at N763.17/$1 compared with the previous day’s value of N756.61/$1 amid a decline in the forex turnover by 28.28 per cent or $38.03 million to $96.44 million from $134.47 million.

Also, in the P2P arm of the market, the Naira depreciated against the US Dollar by N9 to sell at N785/$1 versus Tuesday’s value of N776/$1, and in the black market, the local currency lost N5 to trade at N765/$1 compared with the preceding session’s rate of N760/$1.

In the interbank segment, the Naira also witnessed a southward movement against the Pound Sterling yesterday by N80.92 to quote at N827.51/£1, in contrast to the previous day’s N746.59/£1 and against the Euro, it closed depreciated by N64.68 to quote at N705.94/€1, in contrast to Tuesday’s exchange rate of N641.26/€1.

In the cryptocurrency market, Bitcoin (BTC) briefly moved back above $30,000 as markets latched on to comments made by the US Federal Reserves Chairman, Mr Jerome Powell, regarding reducing inflation to around 2 per cent in the world’s largest economy.

BTC rose by 5.1 per cent to sell at $30,302.58, Ethereum (ETH) saw its value go up by 5.4 per cent to sell at $1,912.82, Cardano (ADA) added 7.1 per cent to trade at $0.298, Litecoin (LTC) went up by 6.6  per cent to trade at $82.00, and Dogecoin (DOGE) made a 6.4 per cent appreciation to sell at $0.0679.

Further, Solana (SOL) made a 3.9 per cent jump to quote at $17.46, Ripple (XRP) recorded a 3.1 per cent appreciation to trade at $0.5145, and Binance Coin (BNB) added 0.8 per cent to sell for $253.13, while the US Dollar Tether (USDT) and Binance USD (BUSD) traded flat at $1.00 each.

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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