Naira Depreciates in Official Market, P2P, Parallel Market

By Adedapo Adesanya

The Naira depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the black market, and the Peer-to-Peer (P2P) arms of the foreign exchange (FX) market on Monday, November 13.

In the official market, the local currency went south against the United States currency by 1.9 per cent or N15.27 to sell at N795.41/$1 compared with the previous day’s rate of N780.14/$1 amid improvement in the supply of forex into the spot market.

According to data from the FMDQ Securities Exchange, the value of FX transactions recorded in the trading day increased by 39.3 per cent or $39.23 million to $123.25 million from the $84.02 million achieved last Friday.

Equally, in the P2P section, the domestic currency lost N64 against the greenback yesterday to settle at N1,105/$1 compared with the N1,041/$1 it was exchanged in the previous session.

In the same vein, the Nigerian Naira weakened against the American Dollar in the parallel market during the session by N5 to quote at N1,150/$1, in contrast to the preceding session’s value of N1,145/$1.

However, the Naira witnessed no movement against the Pound Sterling as well as against the Euro, closing flat at N1,185.43/£1 and N1,034.18/€1 apiece.

Meanwhile, the cryptocurrency market was largely negative on Monday, with Solana (SOL) declining by 5.7 per cent to sell at $54.70, and Cardano (ADA) falling by 2.7 per cent to trade at $0.3646.

Further, Dogecoin (DOGE) went down by 2.1 per cent to sell at $0.0752, Litecoin (LTC) depleted by 1.8 per cent to trade at $72.22, Bitcoin (BTC) slumped by 0.6 per cent to sell at $36,657.89, and Binance Coin (BNB) slid by 0.5 per cent to settle at $244.10.

On the flip side, Ripple (XRP) recorded a 1.9 per cent appreciation to trade at $0.6658 after a BlackRock filing suggesting the asset manager was creating an XRP exchange-traded product caused a spike in the token, which it lost after the filing was confirmed as fake, as Ethereum (ETH) jumped by 1.1 per cent to $2,061.77, while Binance USD (BUSD) and the US Dollar Tether (USDT) traded flat at $1.00 apiece.