Naira Depreciates Further to N578/$1 at P2P FX Window

By Adedapo Adesanya

The Naira further depreciated at the Peer-2-Peer (P2P) window of the foreign exchange (FX) market on Monday by N1 against the United States Dollar to close at N578/$1 compared with N577/$1 it was traded last Friday.

However, at the spot market or the Investors and Exporters (I&E) window, the local currency closed flat against the American currency at N416.50/$1.

Against the British currency, the Pound Sterling, the domestic currency appreciated by N3.09 to trade at N542.68/£1 compared to the previously traded rate of N545.77/£1.

This was repeated against the Euro at the market segment yesterday as the Nigerian currency appreciated by N2.71 to settle at N455.80/€1 in contrast to the preceding day’s N458.51/€1.

At the cryptocurrency market, investors counted more losses as seven of the 10 digital coins tracked by Business Post were in the negative territory, with Dogecoin (DOGE) recording the biggest loss after it dropped 1.5 per cent to trade at N68.69.

Cardano (ADA) went down by 1.3 per cent to sell for N480.85, Ripple (XRP) declined by 0.9 per cent to trade at N438.52, Ethereum (ETH) fell by 0.7 per cent to close at N1,537,153.00, Solana (SOL) decreased by 0.5 to trade at N48,272.73, Binance Coin (BNB) retreated by 0.3 per cent to N152,346.21, while the US Dollar Tether (USDT) contracted by 0.1 per cent to close at N596.97.

On the flip side, Dash (DASH) rose by 1.6 per cent to sell at N55,958.59, Litecoin (LTC) moved up by 1.5 per cent to trade at N62,611.50 and Bitcoin (BTC) appreciated by 0.7 per cent to N23,921,519.00.