Naira Depreciates at P2P, I&E, Appreciates at Parallel Market

By Adedapo Adesanya

The Naira depreciated against the Dollar at the Peer-to-Peer (P2P), and the Investors and Exporters (I&E) segment of the foreign exchange (FX) market on Tuesday, November 22, but appreciated in the parallel market.

In the P2P market, the value of the local currency fell by N2 against the American currency to sell at N794/$1 compared to the N792/$1 it closed on Monday.

Also, the local currency weakened by 12 Kobo or 0.03 per cent against the Dollar at the spot market to close at N444.50/$1, in contrast to the preceding day’s value of N445.38/$1.

Data from the FMDQ Securities Exchange showed that the value of forex transactions executed in the I&E window yesterday decreased by $8.85 million or 10.6 per cent to $74.72 million from the $83.57 million achieved a day earlier.

But at the black market segment of the FX market, the Nigerian currency appreciated against the greenback yesterday by N5 to settle at N775/$1 compared with N780/$1 of the previous trading session.

This bullish performance was also witnessed in the interbank segment of the market as the Naira appreciated against the British Pound Sterling by N1.85 on Tuesday to close at N523.79/£1, in contrast to Monday’s rate of N525.64/£1.

In the same vein, the Nigerian currency appreciated against the Euro yesterday by N5.72 to trade at N454.49/€1 compared with the preceding day’s N460.21/€1.

Meanwhile, in the crypto market, the majority of the digital currency monitored by Business Post was bullish, with Litecoin (LTC) gaining 29.8 per cent to trade at $80.66.

Solana (SOL) recovered 10.4 per cent to sell at $12.88, Dogecoin (DOGE) made a 7.8 per cent jump to close at $0.0814, Binance Coin (BNB) rose by 6.9 per cent to $272.99, Ethereum (ETH) improved its value by 5.6 per cent to $1,161.11, Ripple (XRP) surged by 5.4 per cent to $0.3769, Bitcoin (BTC) jumped by 4.4 per cent to $16,497.91, Cardano (ADA) added 4.1 per cent to its value to finish at $0.3173, and the United States Tether (USDT) increased by 0.01 per cent to $0.999, while Binance USD (BUSD) remained unchanged at $1.00.