Naira/Dollar Exchange Rate Now N865/$1 at P2P
By Adedapo Adesanya
The crisis ravaging the Naira worsened at the Peer-to-Peer (P2P) segment of the foreign exchange market on Wednesday, November 2, as the value further fell by N27 or 3.2 per cent against the US Dollar to close at N865/$1 compared with the previous day’s rate of N838/$1.
Also, at the parallel market, the exchange rate of the Naira to the Dollar further weakened yesterday by N34 or 4.2 per cent to trade at N850/$1, in contrast to the preceding day’s N816/$1.
However, in the Investors and Exporters (I&E) window, the Naira closed flat against the greenback in the midweek session at N446.00/$1.
In the interbank segment, the Nigerian Naira appreciated against the Pound Sterling on Wednesday by 44 Kobo to sell for N506.19/£1 compared with Tuesday’s rate of N506.63/£1, and against the Euro, the domestic currency gained 76 Kobo to settle at N435.45/€1, in contrast to the previous day’s N436.21/€1.
Meanwhile, in the digital currency market, it was a mixed bag, going by the outcome of the cryptos monitored by Business Post during the session across the major crypto exchanges.
Dogecoin (DOGE) witnessed a price correction after rising as a result of the acquisition of Twitter by Me Elon Musk, the major proponent of the digital coin. Its value went down by 4.9 per cent yesterday to trade at $0.1318.
Ethereum (ETH) saw its value go down by 2.3 per cent to sell at $1,548.14, Ripple (XRP) recorded a 0.7 per cent fall to trade at $0.4567, and Solana (SOL) depreciated by 0.8 per cent to $31.79, with Bitcoin (BTC) losing 0.7 per cent to close at $20,336.48.
But Litecoin (LTC) went up by 13.2 per cent to trade at $62.25. Binance Coin (BNB) recorded a 1.7 per cent rise to sell at $327.28, while Cardano (ADA) recorded a 0.01 per cent addition to trade at $0.3976.
Meanwhile, Binance USD (BUSD) and the US Dollar Tether (USDT) remained unchanged at the close of transactions at $1.00, respectively.